TN Budget cuts farm loan rate

In A ‘please all’ Budget, the Tamil Nadu Government on Thursday reduced interest on farm loans by 1 per cent, waived weavers’ loans to the tune of Rs 15 crore, exempted sales tax on mangalsutras and removed special fee collected from students in Government and aided schools.

Finance Minister K Anbazhagan, who presented the Budget in the Assembly, estimated the overall deficit at Rs 2.19 crore, but did not propose any new taxation proposals on the plea of better collection of tax.

The Budget estimated revenue receipts at Rs 51,505.62 crore and expenditure at Rs.51,421.57 crore, leaving a surplus of Rs 84.05 crore. But the overall deficit was pegged at Rs 2.19 crore, taking into account the deficit in capital and public accounts.

The minister said the Government had decided to exempt cable TVs from a 15 per cent entertainment tax, which would effectively reduce cable TV charges in the state.