T.N. deputy CM blames Centre for stress on State’s finances

Hitting out at the Centre, Deputy Chief Minister and Finance Minister O. Panneerselvam on Friday said the implementation of the 14th Finance Commission’s recommendations and the delay in the release of funds from the Union government were placing stress on the State’s finances. Though Tamil Nadu’s tax revenue was estimated to grow, the pending release of the State’s share of the Integrated Goods and Services Tax (IGST) and the Goods and Services Tax (GST) compensation was putting stress on the State’s finances, Mr. Panneerselvam said in his Budget speech in the Assembly on Friday. He noted that Tamil Nadu was one of the best-performing States in implementing GST and had achieved a good growth in revenues. However, it was yet to receive its due share of IGST to the tune of ₹5,454 crore as well as the assured GST compensation of ₹455.16 crore for the year 2017-18, he added.

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