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| Know Your Budget | | |
• The total receipts for the year 2008-09 have been estimated at Rs. 18,443 crore of which Rs. 15,316 crore constitute revenue receipts and Rs. 3,127 crore as capital receipts
• The total expenditure, it is projected at Rs. 18,443 crore. An element of Rs. 12,175 crore would account for non-plan expenditure while the projected plan expenditure is Rs. 5,518 crore, which includes Rs 1,018 crore under PMRP
• While capital expenditure in the next year’s plan is likely to go up by 24 percent, revenue expenditure will come down by about 38%.
• Exemption on capital goods (directly linked to the manufacturing process), imported for substantial capacity expansion by the existing industrial units, from levy of additional toll for a period of one year with effect from April 01, 2008.
• Provident Fund Act will apply to those enterprises that employ 10 workers and above. At present it is applies to those with 5 or more employees.
• The three per cent interest subsidy on working capital given to new industrial units will now be applicable to existing units as well for a period of two years.
• Exemption from entry tax on import of items essential for expansion and modernization of tourism, provided such items are not available locally.
• Transporters in general have also voiced concern about the negative impact of “phasing out process of old vehicles” on their finances and employment. The Government is seized of the matter. J&K Bank will formulate a special package for 1000 new vehicles during the next financial year.
• Amnesty in favour of defaulters of Passenger Tax. The amnesty shall cover penalty or interest as the case may be with the principle amount to be paid in full, although in installments to be worked out in consultation with registered transport associations
• Empty bottles, except all types of glass bottles, will henceforth exempted from negative list. Similarly, oil cakes, wheat bran, maize and rice bran will be exempt from additional toll as long as these are imported for manufacture of poultry and cattle feed. locally extracted and processed marble stones also excluded from the negative list.
• Export of Basmati rise exempted from levy of additional toll on export of basmati rice.
• Zero percent VAT schedule to continue with Paddy, Rice, Wheat, Pulses, Flour, Atta, Maida, Suji and Besan for one more year with effect from April 01, 2008. Locally handmade carpets and Rakhi threads also placed under the zero percent VAT schedule.
• Levy of one-way toll only on such local vehicles, which cross the Toll post Lakhanpur, but undertake the return journey on the same day, within 24 hours. |
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