Tamil Nadu’s Own Tax Revenue stood at ₹1,52,030.77 crore in fiscal 2023-24, as per the preliminary un-audited provisional figures from the Comptroller and Auditor General of India (CAG).
As per the preliminary figure, the State’s Own Tax Revenue (SOTR) increased marginally from ₹1,50,222.75 crore in the final accounts for 2022-23. SOTR contributes 75.6% of Tamil Nadu’s total revenue receipts.
The SOTR estimates were revised to ₹1,70,147 crore for 2023-24 from the initial budget estimates of ₹1,81,182 crore, owing to the severe impact caused by natural calamities, as per the State budget for 2024-25 presented in February.
Among the SOTR components, State Goods and Services Tax (SGST) increased about 15.11% to ₹61,960.29 crore in 2023-24 from ₹53,822.72 crore in 2022-23, as per the numbers from CAG.
The State also saw its revenue from Stamps and Registration Fees increased about 8.3% to ₹19,013.36 crore in 2023-24 from ₹17,559.89 crore in 2022-23.
Other SOTR components have seen only a marginal increase as per the preliminary figures from CAG. Land revenue increased to ₹255.87 crore in 2023-24 from ₹247.48 crore in 2022-23 as per the preliminary numbers. Revenue from Taxes on Sales, Trade etc (which includes VAT on petrol and diesel and liquor) increased to ₹60,026.96 crore in 2023-24 from ₹59,143.52 crore in 2022-23.
The State Excise Duties (which reflect liquor revenue) increased to ₹10,774.29 crore in 2023-24 from ₹10,422.61 crore in the comparable period last year. The balance of Tamil Nadu’s total revenue receipts come from the Share in Central taxes and grants-in aid from the Union government.
Including these components, the State’s total revenue receipts stood at ₹2,62,382.45 crore in 2023-24, as per the preliminary figures from CAG. The total revenue receipts estimates for 2023-24 was revised to ₹2,72,576.80 crore.
As per the preliminary figures from CAG, Tamil Nadu’s revenue expenditure (which includes expenditure on account of salaries, pensions and other retirement benefits, subsidies and grants for welfare schemes and interest on outstanding loans among others) stood at ₹2,98,880.32 crore in 2023-24. However, CAG said some of the components of revenue expenditure are still under compilation.
The estimates for revenue expenditure were revised upwards to ₹3,17,484 crore for 2023-24. As per the CAG numbers, since the revenue expenditure exceeded the revenue receipts the revenue deficit for 2023-24 was ₹36,497.87 crore. The revenue deficit estimates for 2023-24 were revised upwards to ₹44,907 crore, as per the State budget for 2024-25 presented in February.
The fiscal deficit, the difference between total receipts and total expenditure, stood at ₹80,849.67 crore as per the preliminary numbers for 2023-24. The fiscal deficit estimates were revised upwards to ₹94,060 crore for 2023-24.
Published - May 12, 2024 08:02 pm IST
