Chennai: The GST arrears due from the Centre to Tamil Nadu currently has touched Rs 12,263 crore, said state finance secretary S. Krishnan.
Speaking to reporters on Friday, Krishnan pointed out the salient features of Budget 2020, presented in the Assembly by Deputy Chief Minister O. Panneerselvam. “We have received some arrears over the last two weeks. The current outstanding amount is Rs 12,263 crore,” he said.
The state has pegged its own tax revenue to grow by 10.52 per cent to reach Rs 1.33 lakh crore in the revised budget estimates for 2020-21. Stating that it is a realistic target, Krishnan said there were times when tax revenue grew by more than 12 per cent. “This time we have moderated to a nominal tax growth rate.”
According to the budget, the state's own tax revenue is estimated to be Rs 1,20,809.3 crore for 2019-20. It is estimated to increase to Rs 1,33,530.30 crore in budget estimates for 2020-21. For 2021-22, Krishnan said the own tax revenue was estimated at Rs 1,52,270.66 crore and for 2022-23, Rs 1,73,664.49
The finance secretary said Tamil Nadu State Marketing Corporation (Tasmac), which sells liquor through its retail outlets, is expected to generate income of Rs 30,000 crore for 2019-20. It is expected to mop up an additional Rs 2,000 crore to the exchequer.
On funds allocated under the State Disaster Management Fund, he said the Centre has increased its share to Rs 1,360 crore from the earlier Rs 825 crore. The debt of the state has been under control and not crossed the limit prescribed by the Centre.
The state's debt burden has increased to Rs 4.5 lakh crore, which is less than 3 per cent in the total revenue of the state. The debt has increased in corresponding with hike in revenue of the state.
As per norms, the state debt should remain within 25 per cent of the total revenue. Tamil Nadu debt stood at 21.83 per cent. And it remains under control.
“The government is taking steps to meet the financial requirement of the state. We expect there will be additional allocation of fund by the Centre under the 15th Finance Commission,” he said.