Tamil Nadu to get higher amount as share of Central taxes
10 months, 3 weeks ago

Tamil Nadu to get higher amount as share of Central taxes

The Hindu  

February 01, 2024 07:29 pm | Updated 07:29 pm IST - CHENNAI Tamil Nadu would get ₹44,760.83 crore as its share of Central taxes as per the revised Union Budget estimates for 2023-24, presented by Finance Minister Nirmala Sitharaman on Thursday. As per the revised Union Budget estimates for 2023-24, after some adjustments made for previous years, Tamil Nadu would receive a total of ₹45,052.53 crore as its share of Central taxes. In the interim Budget estimates for 2024-25, Tamil Nadu’s share of Central taxes is estimated to be ₹49,754.95 crore, which is about 11.2% higher than the revised estimates for 2023-24. The actual devolution of Central taxes to Tamil Nadu for 2022-23 stood at ₹38,685.47 crore, as per Union Budget documents.

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History of this topic

TN's contribution to Indian economy better, GSDP up by 14 per cent: CAG
1 week, 5 days ago

TN's contribution to Indian economy better, GSDP up by 14 per cent: CAG

Deccan Chronicle  

With its per capita income far exceeding the national average, Tamil Nadu was faring better in its contribution to national economy and the state's industries and services sectors played a pivotal role in increasing the Gross State Domestic Product by 14 per cent in 2022-2023 amounting to Rs 23,64,514 crore, Principal Accountant General, Tamil Nadu, D Jaishankar said on Tuesday.As …

Share of central taxes to states should be hiked to 50%: Stalin
1 month ago

Share of central taxes to states should be hiked to 50%: Stalin

Hindustan Times  

The Union government’s share of central taxes to states should be increased to 50% to ensure greater fiscal autonomy, chief minister MK Stalin said during a meeting with the 16th finance commission members in Chennai on Monday. “I hope that the Commission will make recommendations that will address the needs and aspirations of all states in India and enable the …

CM Stalin Seeks 50 Percent Tax Share for States, Cites Financial Strain
1 month ago

CM Stalin Seeks 50 Percent Tax Share for States, Cites Financial Strain

Deccan Chronicle  

Chennai:Appealing for a 50 per cent share of the taxes collected by the Union Government to all the States, in an equitable fashion, and for an allocation of additional funds to better performing States, including Tamil Nadu, to ensure the overall development of the nation, Chief Minister M K Stalin said the lowering of fund allocation had come as a …

Stalin demands 50% share of central taxes for Tamil Nadu, cites financial burden
1 month ago

Stalin demands 50% share of central taxes for Tamil Nadu, cites financial burden

India Today  

Tamil Nadu Chief Minister MK Stalin on Monday called for an increase in the state’s share of central taxes to 50%, citing concerns over reduced devolution of funds and mounting financial burdens due to centrally- Speaking to the Chairman and members of the 16th Finance Commission at the Secretariat in Chennai, Stalin emphasised the need for a revised fiscal framework …

Tamil Nadu’s own tax revenue grew 14% in H1, 2024-25: CAG
1 month, 2 weeks ago

Tamil Nadu’s own tax revenue grew 14% in H1, 2024-25: CAG

The Hindu  

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. Among the SOTR components, the State Goods and Services Tax collection grew 20.12% to ₹35,414.05 crore in the first half of 2024-25 from …

Tamil Nadu's Economic Growth Outpaces National Average in 2023-24
2 months ago

Tamil Nadu's Economic Growth Outpaces National Average in 2023-24

The Hindu  

Tamil Nadu's Gross State Domestic Product (GSDP) grew 8.23% in 2023-24, ranking second in GSDP at current prices, only behind Maharashtra. The State's per capita income was estimated at ₹1,79,732 in 2023-24, indicating a significant improvement in the State's overall economic performance compared to earlier years.

India's Tax Filers Surge Fivefold, With 52% of Salaried Individuals Reporting Income Over Rs 1 Crore
2 months ago

India's Tax Filers Surge Fivefold, With 52% of Salaried Individuals Reporting Income Over Rs 1 Crore

ABP News  

India's tax filers have seen a significant surge in recent years, with the number of individuals reporting taxable incomes exceeding Rs 1 crore surging fivefold in the assessment year 2023-24. This growth has been driven by both an increase in the total number of taxpayers and an increase in the number of individuals with taxable incomes exceeding Rs 1 crore.

India's 2024 Budget: A push for tax reform
5 months ago

India's 2024 Budget: A push for tax reform

India Today  

The 2024 Budget, scheduled for July 23, may see tweaks to key tax policies to boost government revenue — bold steps to tackle tax evasion and improve tax compliance. 1980: For every Rs 100 collected, Rs 11 came from income tax, Rs 12 from corporate tax, Rs 1 from other direct taxes, and Rs 76 from other indirect taxes. 2000: …

Centre must share taxes fairly with states: CM Siddaramaiah
5 months, 3 weeks ago

Centre must share taxes fairly with states: CM Siddaramaiah

New Indian Express  

BENGALURU: Chief Minister Siddaramaiah on Monday said the Centre should share taxes appropriately and proportionately with the states. Inaugurating the GST Day programme organised by the Commercial Taxes Department here, he said, “GST is an indirect tax and before it was introduced, the state government collected Value-Added Tax. There is an outcry now as states are not getting their fair …

Tamil Nadu government plans to borrow ₹24,000 crore in Q2, 2024-25
5 months, 3 weeks ago

Tamil Nadu government plans to borrow ₹24,000 crore in Q2, 2024-25

The Hindu  

Tamil Nadu government plans to borrow ₹24,000 crore in the second quarter of fiscal 2024-2025, as per the Indicative Calendar of Market borrowings by State governments/Union Territories, released by the Reserve Bank of India. Tamil Nadu government plans to borrow a total amount of ₹1,55,584.48 crore during 2024-25 and make repayment of ₹49,638.82 crore, as per the State Budget. At …

Centre releases ₹1.39 lakh crore to states in June
6 months, 1 week ago

Centre releases ₹1.39 lakh crore to states in June

Live Mint  

The Central government has devolved ₹1.39 lakh crore to states as devolution of its tax revenue in June, finance ministry stated on Monday. Centre devolves 41% of its tax revenue to state governments as part of the formula set by the Finance Commission. The Commission also examines the development needs of states and trends like tax buoyancy and major obligations …

Lok Sabha polls | Centre has given ₹11 lakh crore to people of T.N. in 10 years: Annamalai
8 months, 2 weeks ago

Lok Sabha polls | Centre has given ₹11 lakh crore to people of T.N. in 10 years: Annamalai

The Hindu  

president K. Annamalai has said the Central government has given ₹11 lakh crore to Tamil Nadu over the past 10 years, and most of these funds were transferred directly to the people. Campaigning for Tamil Maanila Congress candidate P. Vijayakumar in Chithode for the Erode Parliamentary constituency on Thursday, April 4, 2024, Mr. Annamalai said 37,838 concrete houses were constructed …

Tamil Nadu Finance Minister says the State Budget has not deviated from the path of fiscal consolidation
9 months, 2 weeks ago

Tamil Nadu Finance Minister says the State Budget has not deviated from the path of fiscal consolidation

The Hindu  

Amid financial constraints and ahead of the Lok Sabha elections, Tamil Nadu Finance Minister Thangam Thennarasu presented the State Budget for 2024-25. During the discussions on the Budget Estimates of 1967-68, the then Finance Minister Perarignar Anna had remarked “The lives of 3.5 crore people are determined by the 64 pages in this Budget. In this Budget Session, the Chief …

Delhi should get its share of taxes from Centre, says FM Atishi
9 months, 2 weeks ago

Delhi should get its share of taxes from Centre, says FM Atishi

Live Mint  

New Delhi: The Delhi state government should get a share of the union government’s taxes devolved to states as per a formula to be set by the Finance Commission, Delhi finance minister Atishi said on Tuesday. Singh's demand comes a day after she presented a ₹76,000-crore state budget for FY25, slightly bigger than the FY23 budget of ₹74,900 crore but …

Chennai Corporation Budget 2024 | Fiscal deficit at lowest in five years, revenue receipts up
10 months ago

Chennai Corporation Budget 2024 | Fiscal deficit at lowest in five years, revenue receipts up

The Hindu  

The Greater Chennai Corporation presented its budget for the fiscal year 2024-25, with the lowest deficit in five years. According to the Budget estimate documents from FY2020-21 until now, net deficit was at its lowest in FY 2024-25 compared to the past five years. Although revenue receipts are at their highest now over the past five years at ₹4,464.60 crore, …

Tamil Nadu presents ₹3.48L cr budget; focus on infra, ‘7 Tamil dreams’
10 months ago

Tamil Nadu presents ₹3.48L cr budget; focus on infra, ‘7 Tamil dreams’

Hindustan Times  

Tamil Nadu finance minister Thangam Thennrasu on Monday presented the state budget for 2024-25 announcing a total outlay of ₹3.48 lakh crore, along with a revenue deficit of over ₹49,000 crore as the government promised an increased focus on infrastructure and expanding welfare schemes encompassing “seven Tamil dreams” with no new populist announcement, aiming at fiscal prudence. The alleged “inordinate …

A Budget for the people of T.N. in the present times, says TNCC president K. Selvaperunthagai
10 months ago

A Budget for the people of T.N. in the present times, says TNCC president K. Selvaperunthagai

The Hindu  

Tamil Nadu Congress Committee president K. Selvaperunthagai on Monday said that the Tamil Nadu Finance Minister Thangam Thennarasu has presented a Budget for ‘the people of Tamil Nadu in the present times. Looking at this Budget, it is clear that even though Union Government may have denied tax revnues meant for the State, the government’s budget has shown that people …

Seven ideals form bedrock of Tamil Nadu Budget 2024
10 months ago

Seven ideals form bedrock of Tamil Nadu Budget 2024

The Hindu  

A scheme to provide ₹1,000 a month to boys who have studied in government schools from classes 6 to 12 and are pursuing higher education, a scheme named after former Chief Minister M. Karunanidhi to provide housing for the poor with an outlay of ₹3,500 crore and the Chief Minister’s Thayumanavar scheme for poverty alleviation are among the major announcements …

Tamil Nadu govt presents budget with focus on '7 grand Tamil dream'
10 months ago

Tamil Nadu govt presents budget with focus on '7 grand Tamil dream'

India TV News  

The Tamil Nadu government on Monday presented its budget for the year 2024-25, premising the exercise on the "7 grand Tamil dream," which included social justice and women's welfare at the core. Social justice, welfare of the marginalised, making Tamil youth global achievers were among the 7 goals, Thennarasu said in his budget speech. The NITI Aayog has said that …

Siddaramaiah presents Budget for 15th time in Karnataka
10 months, 1 week ago

Siddaramaiah presents Budget for 15th time in Karnataka

Deccan Chronicle  

BENGALURU: Chief Minister Siddaramaiah on Friday presented State budget 2024-25 which was his 15th budget presentation in his political career and in the budget presented the Chief Minister holding Finance ministry, stated that the total expenditure for the financial year is estimated to be Rs 3, 71, 383 crore which includes Revenue expenditure of Rs 2, 90, 531 crore, capital …

Karnataka Budget: No tax hike, borrowings cross ₹1 lakh crore in revenue deficit
10 months, 1 week ago

Karnataka Budget: No tax hike, borrowings cross ₹1 lakh crore in revenue deficit

The Hindu  

The total outlay of the Karnataka State budget for 2024-25 is pegged at ₹3,71,383 crore, as against a revised estimate of ₹3,12,708 crore for 2023-24. Karnataka Budget 2024-25: LIVE coverage While the Chief Minister has not increased any taxes, he has presented a revenue deficit budget with the net borrowings crossing ₹1 lakh crore, perhaps for the first time in …

No discrimination in tax sharing with States: FM Nirmala Sitharaman
10 months, 2 weeks ago

No discrimination in tax sharing with States: FM Nirmala Sitharaman

The Hindu  

Union Finance Minister Nirmala Sitharaman on Wednesday sought to dismiss allegations that the Centre was not giving money to the States and termed the Karnataka government’s charges about inadequate tax devolutions and discrimination in sharing Central taxes “patently wrong and mischievous”. Noting that even Tamil Nadu had voiced concerns, the Minister assured the House that the government had followed the …

‘Is Finance Commission merely facade under BJP’: Karnataka CM Siddaramaiah
10 months, 2 weeks ago

‘Is Finance Commission merely facade under BJP’: Karnataka CM Siddaramaiah

Hindustan Times  

Karnataka Chief Minister Siddaramaiah has hit out at the Central government over the release of funds for the state, saying that the dwindling grants-in-aid and the glaring absence of budgeted funds raise the question of whether the autonomy of the Finance Commission is merely a 'facade' under the BJP. Siddaramaiah further said that under the 14th Finance Commission, Karnataka received …

Work together to address southern states’ tax concerns
10 months, 2 weeks ago

Work together to address southern states’ tax concerns

New Indian Express  

When Karnataka Chief Minister Siddaramaiah leads the ‘Chalo Delhi’ protest at Jantar Mantar in New Delhi today to highlight the “injustice” meted out to the southern states over their share of taxes, he hopes to transform it into a ‘South Tax Movement’. On this, Siddaramaiah has the support of the chief ministers of Kerala, Telangana and Tamil Nadu, who have …

Will stage stir in Delhi against Centre’s injustice on Feb 7: Siddaramaiah
10 months, 2 weeks ago

Will stage stir in Delhi against Centre’s injustice on Feb 7: Siddaramaiah

Hindustan Times  

Chief minister Siddaramaiah announced on Monday that the state government, along with all MPs and MLAs, will protest in New Delhi on Wednesday against the “injustice” by the Centre to the state in tax devolution and grants-in-aid. CM Siddaramaiah and deputy CM DK Shivakumar address a joint press conference on budget “On February 7, all the ministers, MPs and all …

Key takeaways from interim Budget 2024-25 in charts
10 months, 3 weeks ago

Key takeaways from interim Budget 2024-25 in charts

The Hindu  

The Finance Minister presented her sixth budget today. Budget 2024 live updates Besides this, here are the charts that show key numbers from the interim Budget 2024: Budget at a glance The Finance Minister said that the Revised Estimate of the total receipts other than borrowings is Rs 27.56 lakh crore. Capital Expenditure Capital expenditure outlay was raised to ₹11.1 …

Union Budget fiscal deficit for 2024-25 at 5.1% compared to 5.8% in FY24
10 months, 3 weeks ago

Union Budget fiscal deficit for 2024-25 at 5.1% compared to 5.8% in FY24

The Hindu  

The revised fiscal deficit for financial year 2024-25 is estimated at 5.1 per cent of the GDP, down from 5.8 per cent for the current financial year 2024, Union Minister Nirmala Sitharaman announced in her interim Budget speech on Thursday. As per data released by the Controller General of Accounts on Wednesday, the Union government’s fiscal deficit touched ₹9.82 lakh …

Tamil Nadu plans to borrow ₹37,000 crore in the last quarter of fiscal 2023-24
11 months, 3 weeks ago

Tamil Nadu plans to borrow ₹37,000 crore in the last quarter of fiscal 2023-24

The Hindu  

The Tamil Nadu government plans to borrow ₹37,000 crore in the fourth quarter of fiscal 2023-24, according to the indicative calendar of market borrowings released by the Reserve Bank of India. So far in fiscal 2023-24, Tamil Nadu’s total tax revenue stood at about ₹1.27 lakh crore, which is 57.27% of the budgeted estimates, according to the provisional figures from …

Tax revenues of FY24 to be 17.2 pc more than last year
11 months, 3 weeks ago

Tax revenues of FY24 to be 17.2 pc more than last year

Deccan Chronicle  

Chennai: Tax revenues of FY24 is expected to be 5 per cent higher than the budget estimate and 17.2 per cent higher than last year’s revenues. India Ratings expects it to reach Rs 24.5 trillion in FY24, five per cent higher than the budgeted Rs 23.3 trillion. However, capital receipts are lagging and were Rs 229.9 billion during April-October 2023 …

Tax Revenues of FY24 to Be 17.2 pc More Than Last Year
11 months, 3 weeks ago

Tax Revenues of FY24 to Be 17.2 pc More Than Last Year

Deccan Chronicle  

Chennai: Tax revenues of FY24 is expected to be 5 per cent higher than the budget estimate and 17.2 per cent higher than last year’s revenues. India Ratings expects it to reach Rs 24.5 trillion in FY24, five per cent higher than the budgeted Rs 23.3 trillion. However, capital receipts are lagging and were Rs 229.9 billion during April-October 2023 …

TN on top in finance management
1 year, 2 months ago

TN on top in finance management

Deccan Chronicle  

Chennai: The State had emerged as the best in finance management in the country as it had employed modern technology like Artificial Intelligence and end-to-end computerization for tax collection using data in various sectors like liquor sales, document registration and mines, Minister for Finance and Human Resources Thangam Thennarasu said on Wednesday. For every rupee that Tamil Nadu contributed to …

Give Delhi legitimate share of central taxes: Kejriwal to FM
1 year, 4 months ago

Give Delhi legitimate share of central taxes: Kejriwal to FM

The Hindu  

Chief Minister Arvind Kejriwal on Tuesday wrote to Union Finance Minister Nirmala Sitharaman over Delhi’s share in the central pool of taxes being “astonishingly low” at ₹350 crore since 2001-02 and “reduced to zero” for 2023-24 despite Delhiites paying ₹1.78 lakh crore in income taxes.Chief Minister Arvind Kejriwal on Tuesday wrote to Union Finance Minister Nirmala Sitharaman, saying Delhi’s share …

Measures to make T.N. revenue-neutral to be keenly watched
1 year, 9 months ago

Measures to make T.N. revenue-neutral to be keenly watched

The Hindu  

Apart from the anticipation of an announcement on the monthly honorarium of ₹1,000 for women family heads, measures to achieve the goal of making the State revenue-neutral in three years would be keenly watched in the Tamil Nadu Budget for 2023-24 to be presented by Finance Minister Palanivel Thiaga Rajan on Monday. As per the provisional figures of the Comptroller …

Friction over fiscal federalism: Why do some States get more money from the Centre?
1 year, 9 months ago

Friction over fiscal federalism: Why do some States get more money from the Centre?

The Hindu  

For every one rupee that Tamil Nadu gives the Centre, it gets back 29 paise. Click to remove AMP mode The Centre’s tax collections are pooled-in from States and a part of it is distributed among them, based on the Finance Commission’s formula. In an event in Chennai, Union Finance Minister Nirmala Sitharaman said, “If every State thinks I am …

Telangana presents massive budget of ₹2.9 lakh crore for 2023-24 fiscal
1 year, 10 months ago

Telangana presents massive budget of ₹2.9 lakh crore for 2023-24 fiscal

The Hindu  

The Telangana State Government has presented a massive ₹2.90 lakh crore budget for the next financial year 2023-24. The budget has projected revenue receipts to the tune of ₹2.16 lakh crore in the next fiscal, close to ₹40,000 crore higher than the current year’s revised estimates which pegged the revenue receipts at ₹1.75 lakh crore. The revenue receipts for the …

Key takeaways from Union Budget 2023-24 in charts
1 year, 10 months ago

Key takeaways from Union Budget 2023-24 in charts

The Hindu  

The government will focus on economic growth and job creation and cut down the fiscal deficit, Union Finance Minister Nirmala Sitharaman said on Wednesday, presenting its last full budget in Parliament before the 2024 election. Transfer to states/UTs Allocation to Ministries The Union Budget allocated a massive ₹5.94 lakh crore for the Defence Ministry, a 13% increase year-on-year from last …

Uttar Pradesh had the highest share in Centre’s FY22 excise revenue
2 years, 4 months ago

Uttar Pradesh had the highest share in Centre’s FY22 excise revenue

Live Mint  

NEW DELHI: The state of Uttar Pradesh received the biggest share of central government’s revenue collections from excise duty on petroleum products in FY22, followed by Bihar, West Bengal and Madhya Pradesh, as per official data. Uttar Pradesh received about ₹6,693 crore last fiscal from the Centre’s excise duty collection which was shared with states as per a formula prescribed …

Tamil Nadu bats for fiscal consolidation in Budget, keeps populism at bay
2 years, 9 months ago

Tamil Nadu bats for fiscal consolidation in Budget, keeps populism at bay

The Hindu  

Tamil Nadu Finance Minister Palanivel Thiaga Rajan on Friday presented the State Budget for 2022-23, which focused on fiscal consolidation path, sans any populist measures. In his Budget speech, Mr. Thiaga Rajan said the ruling DMK’s major poll promise of giving ₹1,000 a month to the woman head of the family would be implemented once the financial position improved. GSDP …

Centre's fiscal deficit at ₹5.47 lakh crore at end-October
3 years ago

Centre's fiscal deficit at ₹5.47 lakh crore at end-October

The Hindu  

The Union government's fiscal deficit works out to be ₹5.47 lakh crore or 36.3% of the budget estimates at the end of October 2021 on the back of improvement in revenue collection, according to the data released by the Controller General of Accounts on Tuesday. Commenting on the data, Aditi Nayar, Chief Economist, ICRA Limited, said despite the likely revenue …

Why Tamil Nadu is staring at an economic crisis
3 years, 4 months ago

Why Tamil Nadu is staring at an economic crisis

India Today  

To say that Tamil Nadu’s fiscal situation is dire is just exposing the tip of the iceberg that Palanivel Thiaga Rajan, investment banker turned finance and human resources minister, unveiled in his white paper on August 9. The public debt is Rs 263,976 per family in Tamil Nadu, PTR emphasised, explaining why the state can’t delay recasting its financial planning …

Central Govt Should Cut Its Tax on Fuel, Says Tamil Nadu DyCM Panneerselvam
3 years, 9 months ago

Central Govt Should Cut Its Tax on Fuel, Says Tamil Nadu DyCM Panneerselvam

News 18  

The Centre should come forward to reduce its tax on petroleum products since the resources for state's own tax revenue is meagre, Tamil Nadu Deputy Chief Minister O Panneerselvam told the Assembly on Saturday. To protect its tax revenue from petrol and diesel notwithstanding a fall in global crude prices the Central government increased excise duty several times, he said. …

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