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Jayakumar presents deficit budget
Sluggish national and global economies, have affected Tamil Nadu’s State’s Own Tax Revenue (SOTR) impacting the economy negatively and constraining its tax resources, Finance Minister D Jayakumar said while presenting the fledgling Edapadi K Palanisamy government’s first, tax concession free and revenue deficit budget in the Assembly on Thursday.
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Chennai
While TRR (Total Revenue Receipts) were projected at Rs 1,59,363 crore in the 2017-18 budget estimates, revenue expenditure stood at Rs 1, 75, 293 crore resulting in a revenue deficit of Rs 15, 930 crore, Jayakumar said.
Capital expenditure for the current year was estimated at Rs 27,789 crore and fiscal deficit at Rs 41, 977 crore which was 2.79 per cent of the Gross Domestic State Product (GSDP) for the year, the Finance Minister averred.
It was estimated that Rs 41,965 crore would be raised through net borrowings against the permissible limit of Rs 45, 119 crore. Net outstanding debt anticipated on March 31, 2018 was Rs 3,14, 366 crore leading to a debt-GSDP ratio of 20.90 per cent, well below the norm of 25 per cent.
Referring to major changes in indirect taxes due to the central government switching over to GST (Goods and Services Tax), the Finance Minister said the proposed move was expected to affect the manufacturing sector considerably though the Centre had promised to ensure compensation for five years.
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