Tamil Nadu’s Own Tax Revenue grew about 14% to ₹86,975.28 crore in the first half of fiscal 2024-25 from ₹76,257.13 crore in the first half of 2023-24, according to the provisional figures from the Comptroller and Auditor-General (CAG).
The State’s Own Tax Revenue (SOTR) accounts for 75.6% of Tamil Nadu’s total revenue receipts.
Among the SOTR components, the State Goods and Services Tax (SGST) collection grew 20.12% to ₹35,414.05 crore in the first half of 2024-25 from ₹29,481.97 crore in the comparable period last year.
Revenue from stamps and registration fees increased 12.05% to ₹10,354.95 crore in the first half of 2024-25 from ₹9,241.14 crore in the first half of 2023-24.
During the first six months of fiscal 2024-25, revenue from taxes on sales, trade etc. (which reflect VAT on petrol and diesel and liquor) increased about 6.9% to ₹29,793.40 crore from ₹ 27,876.54 crore in the same period last year.
Revenue from State Excise Duties (which reflect liquor revenue) increased to ₹5,643.34 crore in the first half of 2024-25 from ₹5,291.76 crore in the first half of 2023-24.
Land revenue increased to ₹199.43 crore in the first six months of 2024-25 from ₹ 126.39 crore, while revenue from other taxes and duties increased about 31.4% to ₹5,570.11 crore from ₹4,239.33 crore.
The balance 24.4% of the revenue receipts comes from the share in Central taxes and grants-in-aid from the Union government. Tamil Nadu’s total revenue receipts stood at ₹1,23,970.01 crore for the first half of 2024-25. This is about 41.46% of the State’s budget estimates for 2024-25, as per CAG.
The revenue deficit, which indicates that expenditure exceeds receipts, came in at ₹28,717.51 crore in the first half of 2024-25, while the fiscal deficit, the difference between total receipts and total expenditure, stood at ₹53,934.32 crore.
As per the data from Reserve Bank of India, so far in 2024-25 (till August), Tamil Nadu was the top borrowing State with gross market borrowings was ₹41,000 crore. Tamil Nadu was followed by Andhra Pradesh and Maharashtra with gross borrowings of ₹40,000 crore each.
After adjusting for repayments, Tamil Nadu’s net borrowings stood at ₹26,750 crore in the first half of 2024-25.
Published - November 06, 2024 08:14 pm IST
