Tamil Nadu’s fiscal deficit, the difference between total receipts and total expenditure, stood at ₹72,418.99 crore in fiscal 2022-23, as per the preliminary unaudited provisional figures from the Comptroller and Auditor General of India (CAG).
These figures may be subject to further revisions. While presenting the Budget for 2023-24, the State government had revised its fiscal deficit estimates to ₹74,524.64 crore for 2022-23. That was a reduction of around ₹15,589.07 crore from the initial estimates.
The State’s total receipts (which included revenue receipts and capital receipts) stood at ₹2,43,133.76 crore in 2022-23 as per the preliminary figures. Total expenditure (revenue and capital expenditure, including net loans and advances) was ₹3,15,552.75 crore for 2022-23. The total revenue receipts, which includes the State’s Own Tax Revenue (SOTR), share of Union Taxes, Non-Tax Revenue and Grants-in-aid and contributions, was ₹2,42,013.85 crore for 2022-23.
The State had projected total revenue receipts of ₹2,45,659.67 crore in the revised estimates for 2022-23, 6.16% higher than the ₹2,31,407.28 crore projected in the initial estimates.
The SOTR, which accounts for over 70% of the State’s total revenue, stood at ₹1,4,1196.22 crore for 2022-23. It was estimated to be ₹1,51,870.61 crore in the Revised Estimates 2022-23. The State goods and services tax (GST), stamps and registration fees, value added taxes (VAT) on petroleum products and liquor, excise duty on liquor and land revenue are the key components of SOTR.
The revenue expenditure has come in at ₹2,69,562.94 crore for 2022-23. Revenue expenditure includes expenditure on salaries to government employees, pensions and other retirement benefits, operations and maintenance expenditure, interest on outstanding loans and subsidies and grants, scholarships and contributions, including the devolution to local bodies.
The total Revenue Expenditure was estimated to reduce to ₹2,76,135.68 crore in the Revised Estimates when compared to ₹2,84,188.45 crore in the Budget Estimates 2022-23 on account of prudent fiscal management, as per the Budget for 2023-24.
The revenue deficit, which indicates that expenditure exceeds receipts, came in at ₹27,549.09 crore for 2022-23. The State had revised its revenue deficit estimates to ₹30,476.01 crore for 2022-23, when compared to ₹52,781.17 crore in the initial budget estimates.
