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TN gets a tax-free, deficit budget
February, 18th 2009

Finance Minister K Anbazhagan on Tuesday presented a tax-free, deficit budget for 2009-2010 for the state. The budget contains poll sops including a stimulus package for farmers and tax concessions to the tune of Rs.100 crore for various items including IT products.

The package for farmers includes interest-free cooperative crop loans for those who pay their loans in time, an across-the-board cut in land tax that will benefit 50 lakh farmers and waiver of land revenue for this fasli year in 12 flood affected districts.

The total revenue receipts of the government for 2009-2010 are estimated at Rs 58,270.93 crore against an expenditure of Rs 59,295.28 crore, while the total capital expenditure, including net of loans and advances, is projected at Rs 10,799.30 crore. The revenue deficit will be Rs 1,024.34 crore and the total fiscal deficit will touch Rs 11,823.64 crore. Taking into account the net public account, the overall deficit will be Rs 6.36 crore.

The revenue deficit has increased due to the declining trend in the growth of revenue receipts due to slowdown in the countrys economy, likely increase in the salaries as per the sixth pay panel recommendations and higher allocation for welfare schemes, the minister said.

A committee will be set up to review the concessions given to the film industry exemption from entertainment tax for films named in Tamil and reduction in outdoor shooting fees as the benefits have not been passed on to the public. A sum of Rs 200 crore has been allocated for providing health insurance cover to one crore poor families, he said adding that 3,500 buses will be bought during the current fiscal. The budget has proposed Rs 500 crore towards distribution of 25 lakh free colour TV sets.

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