Indian Tax Solution
CHENNAI: Finance Secretary K Shanmugam on Thursday said the implementation of Goods and Services Tax (GST) has contributed to the growth of revenue of the State during the period July last to February this year.
Addressing a press conference after the budget for 2018-19 was presented in the State Assembly, he explained the salient features of the budget proposals and allocations made for various schemes.
Responding to a question on impact of GST on revenue growth in Tamil Nadu, Shanmugam said that during the period of implementation of GST from July last to February this year, the growth was 15.45 per cent. During the previous financial year when GST was not there, the growth rate was 10.72. So, there is a four to five per cent increase in revenue. Of this, at least three per cent growth can be attributed to the implementation of the GST which stands for the advantage of the State government."
He said the total size of the budget for 2018-19 was 2,43,847 crore. Of this, revenue receipts stood at Rs 1,76,251 crore and revenue expenditure at Rs 1,93,742 crore. So, the projected revenue deficit would be nearlyRs 17,490 crore. Total fiscal deficit would be Rs 44,481 crore the next year.
The finance secretary said primary sector has been given priority in financial allocation - many departments, including agriculture, fisheries, animal husbandry and housing have been given importance. The incentive being given to industrial houses will be enhanced from Rs 1,200 crore to Rs 2,000 crore.
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