Tamil Nadu budget 2015-2016 Highlights
Posted on: 25/Mar/2015 11:56:08 AM
Tamil Nadu chief minister O Panneerselvam who is also holding the financial portfolio presented the budget for the year 2015-2016.
Important highlights of the budget:
- Tax income has not gone up in last two years as expected.
- No change in tax revenue apportionment to State in the 14th finance commission recommendations.
- Tamil Nadu affected because of dull economic situations throughout the world.
- CM says that he cannot accept that the State Governments should function with its own revenues.
- Rs 55,100 crore would be allocated for different department and schemes for the year 2015-16.
- Rs 20,936 would be allocated for school education department and Rs 3,696 for higher education.
- Rs 480 crore would be allocated for the bus pass scheme for students.
- Skill development for 2 lakh people
- R Rs. 134 crores sanctioned for 169 new courts to reduce case pendency.
- Appreciate Centre for including Kanchi and Velankanni in Heritage cities list. State allots 46 crore for this scheme
- Adi Dravidar Students Food Scheme Provided with Rs.102.70 Cr
- No new taxes. VAT on cellphones and LED lights reduced from 14.5% to 5%.
- 134 Crores sanctioned for 169 new courts to reduce case.
- Electricity tax on generating plants using biomass (excluding bagassee) would be withdrawn.
- Fishing accessories like fishing ropes, floats, lamps, swivels, fishnet twine would be exempted from the VAT.
- VAT on cardamom would be reduced from 5 per cent to two per cent while the mosquito nets of all kinds would be exempted from the present levy of VAT at five per cent.
- VAT on air compressors, pump sets upto 10 hp and their parts thereof would be reduced from 14.5 per cent to 5 per cent to encourage MSME Sector and to benefit the farmers.
