Tamil Nadu to get Rs 3,000 crore more tax revenue from Centre
B Sivakumar | TNN | Updated: Feb 2, 2019, 06:07 IST
Representative imageCHENNAI: Tamil Nadu is expected to get Rs 3,348.60 crore more in the next financial year as its share from the Centre as part of tax revenue. As per the 14th Finance Commission, Tamil Nadu will get 4.023% as its share from the tax revenue collected by the Centre. Under this, Tamil Nadu is expected to get Rs 33,978 crore in the financial year 2019-20 as per the interim budget presented in the Lok Sabha on Friday.
In the present financial year (2018-19), the state is set to receive Rs 30,638.80 crore as its share of tax revenue. “Maximum share of revenue from the taxes comes from corporate tax followed by CGST. Income tax and central excise are the other revenue sources for the states from Centre,” said a senior finance department official.
In the present financial year, Tamil Nadu is expected to receive Rs 9,713 crore from corporate taxes and in the next financial year it is expected to go up to Rs 11,003 crore. Similarly under share from CGST, in the present financial year, the state is expected to get Rs 8,494 crore and the same in the next year it will go up to Rs 10,283 crore.
“We are hopeful of getting funds under the tax shares from the Centre even though there may be some delay. But the main problem is our money pending under inter state GST. Even for the last year nearly Rs 5,454 crore is pending under this head and there is no news about this in the interim budget,” said the official.
With the financial situation being tight, the state is hoping that the IGST pending is released by the Centre which has to move an appropriation bill in the Parliament.
A total of Rs 7,214 crore is pending under GST from the Centre to the Tamil Nadu government, governor Banwarilal Purohit had said while addressing the state assembly last month.
Out of Rs 7,124 crore, Rs 5,454 under inter-state GST and Rs 455 crore as compensation both for the year 2017-18 and Rs 1,305 crore as compensation for the financial year 2018-19. Government sources said they are confident of getting only Rs 1,305 crore as the pending amount for the previous needs the Centre to introduce an appropriation bill which is mostly unlikely.
In the present financial year (2018-19), the state is set to receive Rs 30,638.80 crore as its share of tax revenue. “Maximum share of revenue from the taxes comes from corporate tax followed by CGST. Income tax and central excise are the other revenue sources for the states from Centre,” said a senior finance department official.
In the present financial year, Tamil Nadu is expected to receive Rs 9,713 crore from corporate taxes and in the next financial year it is expected to go up to Rs 11,003 crore. Similarly under share from CGST, in the present financial year, the state is expected to get Rs 8,494 crore and the same in the next year it will go up to Rs 10,283 crore.
“We are hopeful of getting funds under the tax shares from the Centre even though there may be some delay. But the main problem is our money pending under inter state GST. Even for the last year nearly Rs 5,454 crore is pending under this head and there is no news about this in the interim budget,” said the official.
With the financial situation being tight, the state is hoping that the IGST pending is released by the Centre which has to move an appropriation bill in the Parliament.
A total of Rs 7,214 crore is pending under GST from the Centre to the Tamil Nadu government, governor Banwarilal Purohit had said while addressing the state assembly last month.
Out of Rs 7,124 crore, Rs 5,454 under inter-state GST and Rs 455 crore as compensation both for the year 2017-18 and Rs 1,305 crore as compensation for the financial year 2018-19. Government sources said they are confident of getting only Rs 1,305 crore as the pending amount for the previous needs the Centre to introduce an appropriation bill which is mostly unlikely.
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