CHENNAI: More than a quarter of the projected revenue from the State's taxes is expected to come from TASMAC sales, according to the budget estimates for 2015-2016.
The State finance secretary K Shanmugam told the media that the State's own tax revenue was projected to be `96,083.14 crore, with a moderate growth of 12.02 per cent. The projected revenue from TASMAC was expected to be `29,672 crore, which would be more than a quarter of the State's projected revenue.
In addition to the States own tax revenue, the share in Central taxes was expected to be `21,149.89 crore and the grants-in-aid from the Central government `16,376.79 crores, Shanmugam said.
The revenue earned through liquor sales in 2014-2015 was `26,188 crore. The TASMAC netted a revenue of `18,081.16 crore in 2011-12. TASMAC, since it took over the retail vending of liquor in 2003 had earned `3,639.93 crore in 2003-2004, `4,872.03 crore in 2004-2005, `6,030.77 crore in 2005-2006, `7,473.61 crore in 2006- 2007, `8,821.16 crore in 2007-2008, `10,601.50 crore in 2008-2009, `12,498.22 crore in 2009-2010 and `14,965.42 crore in 2010-2011.
Denying that the State Government was debt-ridden, the finance secretary said borrowings were needed for investments on various sectors which would boost the economy and earn more revenue.
The Government had proposed to raise the net borrowings to `30,446.68 crore, he said and added that the debt-to-gross State domestic product (GSDP) ratio would be 19.23 per cent, well within the permissible limit of 25 per cent. There were States which had debt-to-GSDP ratio of 40 per cent, he said.
TANGEDCO had borrowed about `73,000 crores from finance companies for funding various power projects, he said. The State was going through a rough phase because of the economic slowdown in the country, but the State's financial position was healthy, given the expected fiscal deficit of 2.89 per cent of GSDP as well as the debt-GSDP ratio.
Total expected revenue for TN: Rs 96083.14 crores
Expected revenue from TASMAC: Rs 29,672 crores
Actual TASMAC revenue:
2014-2015: Rs 26,188 crore.
2011-2012: Rs 18,081.16 cr
2010-2011: Rs 14,965.42 cr
2009-2010: Rs 12,498.22 cr
2008-2009: Rs 10,601.50 cr
2007-2008: Rs 8,821.16 cr
2006-2007: Rs 7,473.61 cr
2005-2006: Rs 6,030.77 cr
2004-2005: Rs 4,872.03 cr
2003-2004: Rs 3,639.93 cr