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| Rather deserves appreciation for presenting tax free budget | | | et plus report
Jammu, Mar 7: The Finance Minister Abdul Rahim Rather deserves to be appreciated on presenting consecutive fifth almost tax free budget in the State Legislature Assembly.
State government's success in achieving targets fixed in the last budget also carries no less significance. Fiscal deficit has been restricted to 4.54 percent as against targeted ratio of 4.7 percent. In his budget proposal FM has tried to consider the interest of almost all sections of society perhaps due to his extensive exercise conducted in his pre-budget meeting with them.
The unhappy aspect of the state's financial status should be cause of concern for us all. For how long can we survive honourably while spending more on salaries and pensions, purchase of energy and other capital expenditures than our earnings? Even the sum total of our income generated as tax revenue from VAT, excise duty, goods/passengers tax, stamps duty/registration fees, taxes on vehicles, electricity duty and non-tax revenue collected by Power Development Department; J&K Bank and other PSU Dividend, Forestry and Wildlife, royalty/fee from mining and minerals, irrigation charges and water supply/sanitation charges is far less than Non-Plan expenditure.
However, Rather has given lots of relief by extending for one more year the exemption on basic food items like atta, maida, suji, besan, pulses, paddy and rice etc. The exemption from VAT in respect of honey, tractors, power tillers and some other important agricultural items shall bring relief to the farmers. Further reducing tax rate on some of the important commodities like Saffron, CFLs, durries, quilts, blanket covers, table cloth and table covers and floor covering items shall not only relieve the consumers but also remove anomalies and confusions in the J&K VAT Act, 2005.
Agreeing to the suggestions made by Tax Bar Association the Finance Minister has tried to rationalize law by bringing changes in the laws and rules. Local Industry and the Tourist Industry are also likely to be benefited by the budget proposals as they have been given extension of remission and exemption for one more year. Reduction of VAT rate on items sold in Restaurants and Dhabas from 13.5 percent to 5 percent is a great relief for common man.
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