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| Rather presents 'zero-deficit' budget for 2012-13, plan outlay at Rs 7300 cr | | Relief to farmers, packages to Tourism sector, huge funds for PRIs VAT enhanced on cigarettes, ST hike in IMFL Tax revenue collection on rise, 6.8% GSDP at par with nation at 6.9% | | Saroj Razdan
jammu, March 5: In what can be seen as NC led government's e 'please all …. relief to few' endeavour in the jugglery of economics , Finance Minister, Abdul Rahim Rather today presented yet another zero deficit Annual budget for 2012-13 in the Jammu and Kashmir Legislative Assembly. Riding high on the wave of 'Peace' that prevailed during 2011 enabling government to register substantial hike in revenue recovery, the government has proposed an outlay of Rs 7,300 cr for the next financial year, besides projecting a hike of Rs 700cr under PMRP. Claiming the growth rate of J&K 6.8% at par with national Growth rate at 6. 9 %, Finance Minister said most satisfying and what he said worth appreciative fact is that the state has been able to bring down the fiscal deficit at 4.3% of GSDP against a target of 5.3 % fixed by the 13th Finance Commission. "It is an unprecedented recovery of revenue…….", Rather said later while addressing media referring to 38% Tax Revenue Collection at Rs 4800cr and rise in Commercial taxes collection by 42% at Rs 1057 cr. Expressing satisfaction over GSDP, Rather said it has been continuously on the rise. He said the outstanding achievement of the government on economic front has been narrowing fiscal deficit in the year 2010-11 at 4.3% of GSDP against a target of 5.3% fixed by the 13th Finance Commission. The GSDP of our State for the year 2008-09 was 142,315 crore at current prices. It rose to 148,197 crore during the year 2009-10. During the year 2010-11, the GSDP further rose to 54,731 crore.
"The Thirteenth Finance Commission had given us a target of achieving fiscal deficit of 5.3% for the year 2010-11. On the basis of our GSDP figures, the actual fiscal deficit for the last year comes to 4.3%. This is a considerable improvement over the target assigned to us", Finance Minister claimed.
While there are no major fresh taxes, the government has proposed continuance of the concessions of tax exemptions on a number of items as a populist measure , for one more year. While there are no major items on which fresh taxes have been levied, the government has proposed a hike in 30% on Vat on the sale of cigarettes and other products. Sales Tax has also been enhanced to 30% on IMFL, beer and other related drinks. In the direction of additional resource mobilization, security and placement services, pandals and shamiana services and annual maintenance contracts have also been brought under Service Tax net. Also in this category five paise per kg increase has been proposed in the rate of toll. However, there is relief to some areas where the government has announced decisions for welfare of the communities . In this the new decision covers increase in the remuneration of Rehber-e-Talim teachers from Rs 1500 to Rs 3000 per month from April 2012. Similarly, remuneration of Numberdars and chowkidars have been enhanced to Rs 751 and Rs 750 per month.
While as the major thrust in the budget presented today indicates government's focus on agriculture sector where apart from granting concessions with respect to exemption from levy of VAT on fertilizers, micro nutrients, providing insurance covers to agriculture , horticulture crops, some new initiatives have been proposed to give some relief to the farming community in the state. Similarly, Finance Minister's focus has been on the Tourism sector where fresh incentives have been proposed under tourism packages. However, most significant aspect of the budget presented today remains empowerment of Panchayati Raj Institutions where crores of funds have been earmarked under state plan as also under central schemes besides covering the provision under 13th Finance Commission. "In the budgetary proposals the main emphasis has been on to accelerate the momentum generated so far in the process of socio-economic and welfare of the people adding that the ultimate aim is to bring the major indexes of development of our state at par with national averages….", Rather said in his elaborate budget speech.
While as most of the tax concessions on a number of items , eatables and commodities have been proposed to be extended for one more year, the good news for housewives in particular is that there would be no VAT on domestic cooking gas . Budget also reflects continuance of remissions to the industry The government has also proposed continuance of child and women empowerment schemes under which funds have been earmarked for their welfare. |
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