Revenue deficit to GSDP ratio reduced due to DMK govt.’s effective financial management: Thangam Thennarasu
2 days, 13 hours ago

Revenue deficit to GSDP ratio reduced due to DMK govt.’s effective financial management: Thangam Thennarasu

The Hindu  

Tamil Nadu Minister for Finance Thangam Thennarasu on Wednesday told the Assembly that the revenue deficit to Gross State Domestic Product ratio has been reduced from 3.28% in 2020-21 to 1.17% in Budget Estimates 2025-26 because of the DMK-led government’s effective financial management. Mr. Thennarasu said the revenue deficit to GSDP ratio was 1% in 2016-17 and increased to 3.28% in 2020-21 during the AIADMK regime. Meanwhile, the Leader of the Opposition Edappadi K. Palaniswami intervened and said the revenue deficit in 2020-21 increased due to COVID-19 induced lockdown as businesses and other revenue generating sources, including tax revenue, declined. However, Tamil Nadu’s economy remained resilient even when the world was facing economic slowdown post COVID-19, due to effective financial management of our government.” He said the DMK government viewed revenue expenditure to its pioneering initiatives as social investment.

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History of this topic

Watch: Highlights of the Tamil Nadu Budget 2025
1 week ago

Watch: Highlights of the Tamil Nadu Budget 2025

The Hindu  

Tamil Nadu’s Finance Minister Thangam Thennarasu presented the last full-fledged Budget of the DMK government before the Assembly elections, which will be held in 2026, in the Assembly Hall at Fort St. George in Chennai on March 14, 2025. The Budget pegs the State’s nominal GSDP at 14.5% in 2024-25, with real growth projected at 9% and an average inflation …

Outstanding borrowing will be ₹9,29,959 crore, says Finance Minister
1 week ago

Outstanding borrowing will be ₹9,29,959 crore, says Finance Minister

The Hindu  

Tamil Nadu Finance Minister Thangam Thennarasu on Friday presented the Medium Term Fiscal Plan, which stated the State government has planned to borrow ₹1,62,096.76 crore during 2025-26 and make repayment of ₹55,844.53 crore. Mr. Thennarasu said Tamil Nadu remains a key growth engine, driven by a robust manufacturing base, rapid expansion in the services sector, and sustained public and private …

TN Budget 2025: State debt to rise to ₹9.29 lakh crore by March 2026
1 week, 1 day ago

TN Budget 2025: State debt to rise to ₹9.29 lakh crore by March 2026

New Indian Express  

CHENNAI: The debt burden of the Tamil Nadu government will burgeon to ₹9,29,959.30 crore by March 31, 2026, according to the budget documents for the year 2025-26. In view of the revenue augmentation measures, including improvement in tax administration and collection efficiency, the revenue deficit is expected to reduce to ₹31,282.23 crore in 2026-27 and subsequently reduce further to ₹18,026.48 …

Tamil Nadu’s first Economic Survey indicates State likely to maintain 8%+ growth rate
1 week, 1 day ago

Tamil Nadu’s first Economic Survey indicates State likely to maintain 8%+ growth rate

The Hindu  

Tamil Nadu’s first Economic Survey 2024-25 has indicated that the State is expected to maintain a growth rate of above 8% in 2024-25. Building on a strong foundation of inclusive policies, Tamil Nadu has demonstrated remarkable economic resilience, consistently achieving growth rates of 8% or more since 2021-22,” the report said. The survey highlighted that Tamil Nadu’s progressive social policies, …

Karnataka CM presents Rs 19,000 crore revenue deficit budget with Rs 4.09 lakh crore outlay
2 weeks, 1 day ago

Karnataka CM presents Rs 19,000 crore revenue deficit budget with Rs 4.09 lakh crore outlay

New Indian Express  

BENGALURU: Chief Minister Siddaramaiah, who also holds the Finance portfolio, presented a Rs 19,262 crore revenue-deficit Karnataka Budget for 2025-26 here on Friday, March 7, with a total outlay pegged at Rs 4,09,549 crore as against the revised estimate of Rs 3,65,865 crore for 2024-25. Though it showed commitment to implement the five guarantees, the allocation saw a stagnation as …

State cannot achieve $1 trillion economy by 2030: PMK’s shadow economic survey
2 weeks, 3 days ago

State cannot achieve $1 trillion economy by 2030: PMK’s shadow economic survey

The Hindu  

Pattali Makkal Katchi published its first shadow economic survey report on Tuesday in which it said Tamil Nadu will not be able to attain $1 trillion economy as the maximum achievable target is estimated at ₹56 lakh crore, given the State’s economic growth. The report further said the tax revenues had also increased and the State government would meet the …

UP Budget 2025-26: Keeping borrowings within limits a challenge amid GSDP growth
1 month ago

UP Budget 2025-26: Keeping borrowings within limits a challenge amid GSDP growth

Hindustan Times  

Although the Uttar Pradesh government has sounded optimism with the gross state domestic product ’s growth rate projections in its annual budget for 2025-2026, it faces the challenge of keeping the rising borrowings in permissible limits. Minister for finance Suresh Khanna, while presenting the budget in the UP legislative assembly on Thursday, said UP’s GSDP has doubled over the years …

Taxes have come down after GST regime, says official at outreach programme
1 month, 1 week ago

Taxes have come down after GST regime, says official at outreach programme

The Hindu  

After the introduction of the GST in 2017, the taxes for many goods had come down, said Director General Mahesh Kumar Rustagi here on Friday. Inaugurating a GST outreach programme for MSME sector, organised by the Directorate General of Taxpayer Services, Commercial Taxes Department of Tamil Nadu and Confederation of Indian Industry, he said taxes on many commodities such as …

Nothing substantial for Tamil Nadu in Budget, say trade bodies
Trending News
1 month, 2 weeks ago

Nothing substantial for Tamil Nadu in Budget, say trade bodies

The Hindu  

The trade bodies in Madurai offered a largely disappointed reaction to Budget 2025 presented in Parliament by Union Finance Minister Nirmala Sitharaman on Saturday as they could not find anything substantial for Tamil Nadu. Tamil Nadu Chamber of Commerce and Industry president N. Jegatheesan said it was disappointing that there was nothing for Tamil Nadu in the Budget. K. Suganya, …

Net GST collection in January rises 11% to ₹1.71 trillion
1 month, 2 weeks ago

Net GST collection in January rises 11% to ₹1.71 trillion

Live Mint  

New Delhi: The Centre and states collected net goods and services tax of ₹1.71 trillion in January, the highest in nine months. Mani, partner, Deloitte India, said: "The steady pace of the GST collections resulting in a 9.4% growth in revenues compared with the same period last year will help in exceeding the BE budget estimates) for FY25, if the …

Growing revenue deficit looms large over Tamil Nadu government
1 month, 3 weeks ago

Growing revenue deficit looms large over Tamil Nadu government

The Hindu  

The growing revenue deficit of Tamil Nadu, highlighted by Leader of the Opposition and AIADMK general secretary Edappadi K. Palaniswami in his recent counter to Finance Minister Thangam Thennarasu’s criticism of the AIADMK, looms large over the State government. Talking about the concept of revenue deficit, the White Paper presented by the DMK government in August 2021 says: “Normally, revenue …

State finances: Stalin lashes out at Palaniswami, claims AIADMK made TN into revenue deficit
2 months ago

State finances: Stalin lashes out at Palaniswami, claims AIADMK made TN into revenue deficit

New Indian Express  

SIVAGANGA: CM MK Stalin on Wednesday came down heavily on Leader of Opposition Edappadi K Palaniswami for taking a dim view of state’s fiscal situation, and said it was the DMK that brought the state into the black after it being in the red in AIADMK’s rule a decade ago. Addressing a gathering at a government event organised in Sivaganga, …

TN's contribution to Indian economy better, GSDP up by 14 per cent: CAG
3 months, 1 week 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 …

Tamil Nadu's contribution to Indian economy better, GSDP up by 14 percent: CAG report
3 months, 1 week ago

Tamil Nadu's contribution to Indian economy better, GSDP up by 14 percent: CAG report

New Indian Express  

CHENNAI: Tamil Nadu's Gross State Domestic Product increased by 14 percent in 2022-2023, reaching Rs 23,64,514 crore. With its per capita income far exceeding the national average, the state's industries and services sectors played a pivotal role in driving this growth, Principal Accountant General, Tamil Nadu, D Jaishankar said on Tuesday. Briefing reporters on the State Finances Audit report of …

Education, welfare in focus of ₹2.94 lakh-cr Andhra budget
4 months, 1 week ago

Education, welfare in focus of ₹2.94 lakh-cr Andhra budget

Hindustan Times  

The Telugu Desam Party-led National Democratic Alliance government in Andhra Pradesh on Monday presented its first full-fledged budget of ₹2,94,427 crore for 2024-25, five months after coming to power. Finance minister Payyavula Kesav told the state legislative assembly that the budget included revenue expenditure of ₹2,35,916 crore and capital expenditure of ₹32,712 crore. The NDA government under chief minister N …

U.P’s GSDP projected at ₹27.51 lakh crore: Khanna
7 months, 2 weeks ago

U.P’s GSDP projected at ₹27.51 lakh crore: Khanna

Hindustan Times  

Uttar Pradesh government on Thursday informed the state legislative assembly that 4,952 proposals involving investment of ₹1.81 lakh crore have begun commercial operations in the state. Minister for parliamentary affairs Suresh Khanna said state’s industrial growth rate was 22.09 percent. He said UP’s GSDP is estimated to be ₹24.99 lakh crore while the union government has projected the state’s GSDP …

Karnataka Economic Survey flags challenges in keeping fiscal deficit at a low
1 year, 1 month ago

Karnataka Economic Survey flags challenges in keeping fiscal deficit at a low

New Indian Express  

BENAGALURU: The Karnataka Economic Survey 2023-24 released on Friday cautioned against the trend of increase in government expenditure and decline in revenue collection. However, with the increasing government expenditure and declining government revenues, keeping the fiscal deficit at a low is challenging,” the survey stated. In the survey, it is stated that in 2023-24, budget programmes have been formulated for …

BJP Government Did Not Rectify Injustice Meted out To Karnataka Alleges CM In His Budget
1 year, 1 month ago

BJP Government Did Not Rectify Injustice Meted out To Karnataka Alleges CM In His Budget

Deccan Chronicle  

Bengaluru: Chief Minister Siddaramaiah pointed out that Central Government led by Bharatiya Janata Party had meted out three injustices to States including Karnataka such as “unscientific” implementation of Goods and Services Tax, increase in Cesses and Surcharges and change in allocation of formula in tax devolution and grants-in-aid, adversely affected the financial strength of the State. Siddaramaiah accused the previous …

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

India’s tax-to-GDP ratio to hit a record high of 11.7% of GDP in 2024-25: Revenue Secretary
1 year, 1 month ago

India’s tax-to-GDP ratio to hit a record high of 11.7% of GDP in 2024-25: Revenue Secretary

The Hindu  

February 06, 2024 08:19 pm | Updated 09:05 pm IST - NEW DELHI India’s tax-to-GDP ratio is expected to hit a record high of 11.7% of GDP in 2024-25, led by an uptick in the more ‘equitable’ direct taxes, and the government will continue to simplify and rationalise the tax regime to reduce disputes, litigation and intrusive means of enforcement, …

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

UP Budget 2023: GSDP Was Higher Than Country's Growth Rate In 2021-22, Says Finance Minister Suresh Khanna
2 years ago

UP Budget 2023: GSDP Was Higher Than Country's Growth Rate In 2021-22, Says Finance Minister Suresh Khanna

ABP News  

Uttar Pradesh Finance Minister Suresh Khanna on Wednesday presented the BJP government's seventh state Budget since 2017. In his opening remarks Suresh Khanna said that the state recorded a 16.8 per cent Gross State Domestic Product in 2021-22 is higher than the national growth rate. "I am happy to inform that in the year 2021-2022, a growth of 16.8 per …

Revenue collections of Registration, Commercial Taxes Departments post about 35% rise in seven months
2 years, 4 months ago

Revenue collections of Registration, Commercial Taxes Departments post about 35% rise in seven months

The Hindu  

Revenue collections by the Registration and Commercial Taxes Departments, accounting for around one half of Tamil Nadu’s overall revenue receipts, have registered about 35% increase in the current financial year over the corresponding period of 2021-22. Provisional official data available as on October 31 reveal that the collections of the Registration Department, indicating the level of activity in the real …

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

Tamil Nadu finance minister Palanivel Thiagarajan presents budget for 2022-23
3 years ago

Tamil Nadu finance minister Palanivel Thiagarajan presents budget for 2022-23

Hindustan Times  

Tamil Nadu finance minister Palanivel Thiagarajan on Friday presented the budget for 2022-23 and said that for the first time since 2014 the revenue deficit was to decrease by over ₹7,000 crore. "Though the revenue deficit since 2014 has risen every year in an intimidating manner, for the first time this year, it has been changed and Tamil Nadu's revenue …

Why Tamil Nadu is staring at an economic crisis
3 years, 7 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 …

GST Council Meet: No Consensus on Tax Relief on COVID Supplies Yet
3 years, 9 months ago

GST Council Meet: No Consensus on Tax Relief on COVID Supplies Yet

The Quint  

The exemption is also applicable on vials of Amphotericin-B, which is the drug used to treat mucormycosis, or “black fungus”, the finance ministry said. Additionally, the Centre also proposed market borrowing of Rs 1.58 lakh crore to compensate states for the GST shortfall due to back-to-back loans like last year, however, several states disagreed, suggesting it was an underestimation of …

Economy in better shape this year as compared to 2020, says Revenue Secretary
3 years, 9 months ago

Economy in better shape this year as compared to 2020, says Revenue Secretary

India TV News  

Revenue Secretary Tarun Bajaj on Friday said the economy has not suffered as much this year amid the second wave of COVID-19 as compared to last year when there was complete lockdown. He further said if Rs 1.10 lakh crore gets collected every month on average through the Goods and Services Tax, then the states' GST revenue deficit would be …

Tamil Nadu govt asks Centre to continue GST compensation, says state's economy is 'burdened' due to COVID-19
4 years, 6 months ago

Tamil Nadu govt asks Centre to continue GST compensation, says state's economy is 'burdened' due to COVID-19

Firstpost  

The state govt also urged Centre to expedite the release of Rs 12,258.94 crore, which is its GST arrears since 2018-19 and outstanding Integrated GST of Rs 4,073 crore for 2017-2018 fiscal The Tamil Nadu government on Thursday urged the Centre to expedite release of Rs 12,258.94 crore, which is its Goods and Services Tax arrears from the latter since …

Karnataka's GSDP May Touch Rs 35 Lakh Crore in Five Years: Deputy Chief Minister
4 years, 7 months ago

Karnataka's GSDP May Touch Rs 35 Lakh Crore in Five Years: Deputy Chief Minister

News 18  

Karnataka's Gross State Domestic Product may touch Rs 35 lakh crore in the next five years notwithstanding the COVID-19 pandemic impact, state Deputy Chief Minister Dr C N Ashwath Narayan said on Sunday. The state, whose GSDP now stands at 15.35 lakh crore, has the potential to reach the Rs 35 lakh crore and the government was leaving stone unturned …

State’s GST collections down by 24% in July
4 years, 7 months ago

State’s GST collections down by 24% in July

The Hindu  

Tamil Nadu’s Goods and Services Tax collections declined 24% to ₹4,635 crore in July this year, compared to ₹6,084 crore in July 2019, according to data released by the Union Finance Ministry on Saturday. As the State’s GST collections continue to fall with the lockdown affecting economic activity and consumption, a senior government official said businesses continued to struggle because …

Tamil Nadu has suffered Rs 35,000 crore GST revenue loss during lockdown, says chief minister K Palaniswami
4 years, 9 months ago

Tamil Nadu has suffered Rs 35,000 crore GST revenue loss during lockdown, says chief minister K Palaniswami

Firstpost  

Tamil Nadu Chief Minister K Palaniswami said that development schemes won’t be affected by the various austerity measures taken to handle the loss in revenue due to lockdown Salem: Tamil Nadu has suffered an estimated Rs 35,000 crore GST revenue loss during the ongoing COVID-19 lockdown and various austerity measures have been taken to handle the situation, Chief Minister K …

TD govt presents poll ticket' budget
6 years, 1 month ago

TD govt presents poll ticket' budget

Deccan Chronicle  

Vijayawada: Terming it as a ‘vote on account’ Budget, finance minister Yanamala Ramakrishnudu on Tuesday presented a '2,26,177.53 crore Budget that is being seen as the Telugu Desam’s ticket to return to power in the forthcoming elections. While revenue expenditure is estimated to increase by around 20.03 per cent, capital expenditure is estimated to grow by around 3.20 per cent …

Tamil Nadu govt all praise for GST, calls it 'transparent and self-policing tax regime'
6 years, 8 months ago

Tamil Nadu govt all praise for GST, calls it 'transparent and self-policing tax regime'

Firstpost  

Recalling the 1 July, 2017 rollout of the central tax regime subsuming various other taxes into one, Commercial Taxes Minister KC Veeramani said the introduction of GST was a “landmark in the field of indirect tax reform.” Chennai: The Goods and Services Tax on Thursday came in for praise from the Tamil Nadu government in the assembly, with a minister …

Tamil Nadu budget pegs revenue deficit for 2018-19 at Rs17,491 crore
7 years ago

Tamil Nadu budget pegs revenue deficit for 2018-19 at Rs17,491 crore

Live Mint  

Chennai: Tamil Nadu deputy chief minister and finance minister O. Panneerselvam presented the state’s budget for the financial year 2018-19 on Thursday. Tabling the first budget after the implementation of the goods and services tax, Panneerselvam said the total revenue receipts, including central transfers, were estimated at Rs1.76 trillion during 2018-19. “There is a significant fall in the growth of …

Kerala budget 2017: Reengineering on taxation front
8 years ago

Kerala budget 2017: Reengineering on taxation front

Deccan Chronicle  

The budget Finance Minister Thomas Isaac is going to present in the Assembly will have a few firsts. a) This budget will have to oversee the phasing out of Value Added Tax levied on purchases and sales within the State and Central Sales Tax levied on commodities produced in the State, but sold across State borders b) Check posts are …

Tamil Nadu and Gujarat finances: some pluses and minuses
10 years, 10 months ago

Tamil Nadu and Gujarat finances: some pluses and minuses

The Hindu  

Tamil Nadu and Gujarat, whose models of development triggered a lively debate in the Lok Sabha election campaign, have some accomplishments in public finances, even as the former has better credentials in social and educational indicators of development. Also, be it the State’s Own Revenue or in respect of select indicators like the development expenditure-GSDP ratio or the social sector …

Jaya govt goes for tax-free budget ahead of next LS poll
12 years ago

Jaya govt goes for tax-free budget ahead of next LS poll

India TV News  

Chennai, Mar 21: Severe drought, crop failure and a general economic slowdown not withstanding, the Jayalalithaa Government in Tamil Nadu today presented a tax-free budget, apparently with an eye on next year's Lok Sabha elections. During 2013-14, the projected revenue surplus would be Rs 664.06 crore while fiscal deficit would be Rs 22,938.57 crore, Finance Minister O Panneerselvam said in …

Budget strikes a balance between GDP and fiscal deficit: Chambers
15 years ago

Budget strikes a balance between GDP and fiscal deficit: Chambers

The Hindu  

Chambers of commerce and industry welcomed the Union budget for striking a balance between GDP growth and fiscal deficit but expressed reservations about specific provisions, including the increase in the Minimum Alternate Tax and the delay in implementing the Goods and Services Tax regime. Ranganathan, chairman, CII-Tamil Nadu State Council, said the budget was “good overall,” and that the change …

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