Proposing new tax measures to mobilize additional revenue Rs 1500 crore, while maintaining the focus on fiscal prudence, Minister of Finance of Panneerselvam today presented the Rs 2, 376.07 crore budget surplus income promise to keep the fiscal deficit within three percent of GSDP as agent of the 13th Finance Commission.
Presentation of the second budget of the AIADMK Government, headed by Minister j. Jayalalithaa, said Mr. Panneerselvam, the various measures taken by the Government led to the improvement of the financial situation of the State "which was in ruins when this Government took office in May 2011." Revised budget estimates for the 2011-12 showed the surplus proceeds of Rs 173.87 crore.
The Government, however, will correct the script record surplus proceeds of Rs 536.54 crore for the period. Budget estimates for the 2012-2013 have been designed to further improve the financial situation of the State Government, he said. The fiscal deficit is estimated at 19, Rs 832.13 crore, representing the 2.87% of the GSDP fewer than three percent norm laid down 13th Finance Commission.
Outline of new tax measures to mobilize additional revenue Rs 1500 crore for the implementation of the various social programmers, Mr. Panneerselvam has proposed hiking the SALES TAX on alcohol to 14,5%, withdrawal of the exemption from VAT of vegetable oils and rationalize taxes on tourist taxi, maxi cabs, services of private vehicles, construction equipment of the vehicle in addition to doubling fees in advance for the blocking of classy numbers.
Mr. Panneereselvam also announced the implementation of the revised general principles for the valuation of properties with effect from the 1. April 2012. The Minister also promised to reduce the loan at the same time move to capital expenditure, has increased the allocation for that of Rs 16 crore in the revised estimates 388.34 for Rs 20, 856.08 crore in the budget estimates to 2012-13. 2011-12, which represents an increase of 27%?
In borrowings said Mr. Panneerselvam whilst the right loans for the year 2012-13 is 20,716 Rs crore, the Government intends to restrict. Outstanding public debt, including further commitments in support of the Fund will be Rs 1.35 crores, 060.47 like to 31. March 2013 constitutes only 19.56% of GSDP. However, various subsidies and increased social measures to control the Tamil Nadu Government will increase the law on subsidies and grants.
Whereas it was Finance Minister foresees growth of about 15 percent of the 2013-14 and 2014-15 for subsidies and grants. To add a note of caution, said Mr. Panneerselvam that revenue receipts may vary because of the declining trends in economic growth.
However, he was convinced of the State, the excess of the revenue and fiscal deficit within three percent of GSDP, even if a point three percent decline in the rate of growth of income revenues in 2012-13, 2013-14 and 2014-15. He said that the State will reach all the objectives fixed by the 13th finance during the year 2012-13 and continue its record in the following budget years.
No comments:
Post a Comment