Update. 01-Jan-2015, Savage USA
I have been monitoring to see the Tamil Nadu government's mid-year 2014-15 financial update. I have not seen an official report, although I searched google extensively today to see any publication on it. I could not find anything. However, I saw a report on Vikatan.com website. It had given some financial figures for the current year 2014-15. And I update this blog as: For the current year 2014-15, the Tamil Nadu government achieved Revenue collections for the first 6 monts ending Sep 2014 as:
1. Total revenue reached Rs. 37,056 crores only at the end of Q2, as against the total annual budgeted Revenue of Rs. 91,835 crore.
2. Commercial Tax growth was only 1.48% during first half of current year.
3. Excise tax growth for the first 6 months only at 10.87% as against 28% budgeted growth.
4. Registrations tax collections ( stamp duty on property sales etc) had a Negative growth of -2.45%.
5. Tax collection from Vehicle taxes are also substancially lower at 7% against 39%.
6. Cental Government collections are also much lower than forecast. Tamil Nadu will not receive the full budgeted Cental share of tax Rs. 19,014 Crores cor current year!.
Let's wait and see how Mr. Panneerselvam handle this dire situation in Tamil Nadu Finances this year!..
12-Dec-2014., Savage, USA
I had heavily criticized the Tamil Nadu budget early this year. Now, I reviewed that Tamil Nadu budget's estimates if they are being met or not!. First, the Revenue forecast went awry. Tamil Nadu is scrambling to meet the Revenue projections with shocking unpublished, non-transparent, hypo-critic measures. Few months back Tamil Nadu government secretly increased the liquor prices as much as 40% and an average increase of 17% on all brands of liquors sold at TASMAC. Now, the TN Electricity Regulator Agency, which had the Tariff revision in cold storage before Elections, brought the Tariff Revision abruptly with 15% increase to Reduce the Losses for the erstwhile TNEB(TANGEDCO). Remember the Milk prices were revised mid year, not in Budget!. Because the revenue dried up, Tamil Nadu reduced the provisions to MGNREGA by as much as 70% this year in some districts!.
I have been monitoring to see the Tamil Nadu government's mid-year 2014-15 financial update. I have not seen an official report, although I searched google extensively today to see any publication on it. I could not find anything. However, I saw a report on Vikatan.com website. It had given some financial figures for the current year 2014-15. And I update this blog as: For the current year 2014-15, the Tamil Nadu government achieved Revenue collections for the first 6 monts ending Sep 2014 as:
1. Total revenue reached Rs. 37,056 crores only at the end of Q2, as against the total annual budgeted Revenue of Rs. 91,835 crore.
2. Commercial Tax growth was only 1.48% during first half of current year.
3. Excise tax growth for the first 6 months only at 10.87% as against 28% budgeted growth.
4. Registrations tax collections ( stamp duty on property sales etc) had a Negative growth of -2.45%.
5. Tax collection from Vehicle taxes are also substancially lower at 7% against 39%.
6. Cental Government collections are also much lower than forecast. Tamil Nadu will not receive the full budgeted Cental share of tax Rs. 19,014 Crores cor current year!.
Let's wait and see how Mr. Panneerselvam handle this dire situation in Tamil Nadu Finances this year!..
12-Dec-2014., Savage, USA
I had heavily criticized the Tamil Nadu budget early this year. Now, I reviewed that Tamil Nadu budget's estimates if they are being met or not!. First, the Revenue forecast went awry. Tamil Nadu is scrambling to meet the Revenue projections with shocking unpublished, non-transparent, hypo-critic measures. Few months back Tamil Nadu government secretly increased the liquor prices as much as 40% and an average increase of 17% on all brands of liquors sold at TASMAC. Now, the TN Electricity Regulator Agency, which had the Tariff revision in cold storage before Elections, brought the Tariff Revision abruptly with 15% increase to Reduce the Losses for the erstwhile TNEB(TANGEDCO). Remember the Milk prices were revised mid year, not in Budget!. Because the revenue dried up, Tamil Nadu reduced the provisions to MGNREGA by as much as 70% this year in some districts!.
