Tamil Nadu’s Own Tax Revenue grew marginally to ₹34,311.23 crore in April-June 2023 from ₹33,923.04 crore in the same period last year, according to the provisional figures from the Comptroller and Auditor-General (CAG).
The State’s Own Tax Revenue (SOTR) accounts for 70% of the total revenue.
Among the SOTR components, the State Goods and Services Tax (SGST) collection grew 6.84% to ₹14,628.97 crore in the first quarter of 2023-24 from ₹13,692.84 crore in the same period last year.
Land Revenue increased to ₹60.43 crore in April-June 2023 from ₹58.46 crore in the comparable period last year.
The State Excise Duties (which reflect liquor revenue) increased to ₹2,620.66 crore in the first quarter of 2023-24 from ₹2,594.55 crore in the same period last year.
Revenue collection from the component taxes on sales and trade etc. (including VAT on petrol and diesel and liquor) and Stamps and Registration Fees showed a marginal decline during the first quarter of fiscal 2024, compared with the previous year.
Revenue from Stamps and Registration Fees declined to ₹4,282.93 crore from ₹4,457.95 crore, while Taxes on Sales and Trade declined to ₹12,718.24 crore from ₹13,119.24 crore.
In the budget estimates for 2023-24, the State government has projected SOTR to increase to ₹1,81,182.22 crore from ₹1,51,870.61 crore in the revised estimate for 2022-23.
According to the CAG, the SGST revenue for Q1, 2024 is 21.85% of the budget estimates. Revenue from Stamps and Registration Fees for April-June, 2023 is at 16.75% of the budget estimates, while Land Revenue is at 20.44%.
In terms of Revenue from Taxes on Sales and Trade and State Excise Duties in the first quarter, it was 19.31% and 22.17% respectively of the budget estimates for 2023-24.
The State’s share of Union Taxes jumped 65.68% to ₹9,649.29 crore in the first quarter of 2023-24, up from ₹5,823.78 crore in the same period last year.
The State’s total revenue receipts in the April-June, 2023 period declined to ₹51,706.71 crore from ₹57,768.55 crore in the same period last year. The current year’s number was 19.11% of the budgeted estimates.
The revenue deficit, which indicates that expenditure exceeds receipts, came in at ₹13,030.09 crore in the first quarter, while the fiscal deficit, the difference between total receipts and total expenditure, stood at ₹20,838.66 crore.
In the first quarter of 2022-23, the State’s own tax revenue grew over 50% from the last year, helped by the post-pandemic recovery in economic activity.
As per the data available for 21 States, the growth in their revenue receipts remained robust during April-May 2023, driven by a buoyant growth in the SGST collection, the Reserve Bank of India said in its state of economy bulletin released earlier this month.
