Tamil Nadu govt presents 2019-20 budget with no new taxes; revenue deficit will reduce in coming year

The budget was presented by Deputy Chief Minister O Panneerselvam, who also holds the finance portfolio. The government said the revenue deficit was estimated to be around Rs 14,300 crore.

The budget was presented by Deputy Chief Minister O Panneerselvam (right), who also holds the finance portfolio. (File)

The Tamil Nadu government on Friday presented the state budget for the financial year 2019-20. While the government proposed no new taxes, it said the revenue deficit will reduce in the coming year.

The budget was presented by Deputy Chief Minister O Panneerselvam, who also holds the finance portfolio. The government said the revenue deficit was estimated to be around Rs 14,300 crore.

“With higher SOTR (state’s own tax revenue) growth, coupled with the phasing out of the impact of Ujwal Discom Assurance Yojana (Uday) and pay revision, the state expects to bring down the revenue deficit in the coming years,” Panneerselvam was quoted as saying by PTI.

Apart from this, the government also announced a number of initiatives in various sectors, including implementing a Rs 2,000 crore comprehensive parking management project in Chennai.

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The project will have underground parking facilities, multilevel parking facilities and on-lane smart parking to accommodate two lakh four-wheelers and an equal number of two-wheelers, the Deputy Chief Minister said.

-With PTI

First published on: 08-02-2019 at 14:22 IST