[Enladalusange]

The 2012-13 budget, presented by State Finance Minister O. Panneerselvam in the Assembly, put the government’s total debt at the end of next fiscal at Rs 1,35,060.47 crore, 19.6 per cent of the Gross State Domestic Product (GSDP) and less than Finance Commission stipulation of 24.8 per cent as regards debt-GSDP ratio.

• Liquor of all kinds purchased, procured and brought outside from the State, other than foreign liquor, under certain sections of the TNVAT Act, will be taxed at the rate of 14.5 per cent at the second point of sale
• The exemption granted from VAT on vegetable oil for the turnover up to Rs 5 crore per year will be withdrawn to prevent tax evasion and VAT will be levied at the rate of five per cent on sale of such vegetable oil.
• VAT exemption for wheat and oats
• Duty cut on e-bikes, sanitary napkins and diapers, CFL bulbs, insulin, hand-made locks and helmets.
• Revised Guideline Value will be come into force with effect from April 1, 2012 as its non-implementation had resulted in huge revenue loss.
• Stamp duty will be reduced from six to five per cent
• Rationalise the tax rates on tourist taxis, maxi cabs, private service vehicles, spare stage carriers, construction equipment vehicles and other state contract carriers
• Charge for blocking fancy numbers doubled.