TN Finance Minister presents tax-free budget

Chennai, Mar 21 : Tamil Nadu Finance Minister O Panneerselvam today presented a tax-free budget, not withstanding the difficult economic situation, projecting a fiscal deficit of Rs 22,938.57 crore and a revenue surplus of Rs 664.06 crore.

Mr Panneerselvam presented the budget at 1030 hrs even as the opposition DMK Members walked out after Floor Leader M K Stalin's statement, which he began reading, drowned in the continuous thumping of desks by the Treasury Benches.

Mr Panneerselvam said no new taxes would be imposed nor was any existing tax rate is being hiked in the Budget despite pressure for vital expenditure and serious resource constraints and in the backdrop of the nation's economy in general and its possible repurcussions on the state's economy.

The budget pegged the overall target for the state's taxes at Rs 86,065.crore with a projected growth rate of 17 per cent over the revised estimates for 2012-13.

The state government hoped that in 2013-14, the registration of documents would pick up and the revenue from collection of Stamp Duty and registration fees would be Rs 9,874.22 crore.

The general slowdown in the economy had affected the tax growth in Tamil Nadu also, the Finance Minister said in the budget speech, adding investment sentiment, particularly in the manufacturing sector, took a beating.

But the State Government was making all out efforts to revive the economy.