CHENNAI: Demonetisation has not spared even the Tamil Nadu government. The state government has lost around Rs 15,000 crore due to a slump in collection of sales and commercial tax and in stamp duty registration.
Commercial taxes and registration minister K. C. Veeramani told DC on Thursday that sales tax collection has been the worst-hit after the Union Government announced demonetisation of Rs 500 and Rs 1,000 notes.
“The revenue from commercial taxes to TN government during 2016-2017 was expected to be around Rs 87,000 crore. But the department has lost around Rs 5,000 crores in just about one month because of demonetisation,” he said. There has been more than 25 to 30 per cent decline in tax collection and other revenue since November 8. He said the government was expected to lose another Rs 10,000 crore due to reduced number of stamp duty registration.
