Guwahati: Assam Chief Minister Tarun Gogoi on Monday presented a Rs 1,385.77 crore deficit budget for the state for 2014-15 financial year.
“The Budget estimates of 2014-15 show a receipt of Rs 57,311.39 crore under the consolidated fund of the state.”
“Out of this, Rs 52,696.81 crore is on revenue account and the remaining Rs 4,614.58 crore is under capital account,” he said, while presenting the budget for the current fiscal.
After adding the receipt of Rs 3,29,365.94 crore under public account and of Rs 50 crore under contingency fund, the aggregate receipts amount to Rs 3,86,727.33 crore, Gogoi, who also holds Finance portfolio, said in his Budget speech. The total expenditure from the consolidated fund of the state in 2014-15 is estimated at Rs 58,104.54 crore. Of the total expenditure, Rs 48,631.30 crore is on revenue account while the rest Rs 9,473.24 crore is on capital account.
“Taking into account the expenditure of Rs 3,29,958.56 crore under public account and Rs 50 crore under contingency fund, the aggregate expenditure for the year is estimated at Rs 3,88,113.10 crore.
“Thus, estimated transactions during the year will result in an estimated deficit of Rs 1,385.77 crore,” Gogoi said.
This, together with the opening deficit of Rs 972.14 crore, the FY’15 fiscal is expected to end with an estimated closing deficit of Rs 2,357.91 crore, he added.
Meanwhile, Assam has been projected to grow at 6.88 per cent during 2013-14 compared to 5.87 per cent in the previous fiscal, Assam Chief Minister Tarun Gogoi said while presenting the state budget for the FY’15.
“I am happy to inform that the projected growth rate of Assam for 2013-14 is 6.88 per cent, which was 5.87 per cent for 2012-13 as per the latest Central Statistical Organisation estimates,” Gogoi, who also holds the Finance portfolio, said.
This is on the backdrop of lower national growth, which improved to 4.7 per cent in 2013-14 from 4.5 per cent in 2012-13, he said.
“Contrary to the trend elsewhere of expenditure compression, our state is in a comfortable position to add further momentum to development activities. This has been possible because of our prudent financial management,” the Chief Minister said.
According to advance estimates for 2013-14, the per capita income has registered a growth of 4.63 per cent at constant prices and 14.53 per cent at current prices in 2013-14 over the previous year, the budget said. Gogoi said “Our per capita Net State Domestic Product stood at Rs 46,354 in 2013–14 compared to the national per capita income of Rs 74,920 during the same period.
Therefore, all out effort is required to be taken to bring our per capita income to the national level.” Besides, the state was able to attain a revenue surplus of Rs 1,554 crore in 2012–13.
“According to the CAG report for the Financial Year 2012-13, our fiscal deficit was 1.06 per cent of GSDP as against FRBM target of 3 per cent. It may be mentioned that Government of India’s fiscal deficit for the same year was 4.8 per cent of GDP,” Gogoi said.
Talking about the Annual Plan allocation, he said discussion with the Planning Commission Deputy Chairman has not yet taken place and the plan size is yet to be finalised.
Tax exemption
Giving a relief to small salaried persons, Assam Chief Minister Tarun Gogoi today raised the minimum exemption limit of professional tax by Rs 80,000 besides freeing chimney and kerosene lamp parts from VAT.
Gogoi also proposed to make cheaper a host of goods such as parts of writing instruments, sanitary napkins, parts of renewable energy devices, fabricated iron and steel goods, and accessories of bicycle, tricycle and rickshaws.
The Chief Minister, however, increased the Value Added Tax rates on motor parts, natural gas and smoking tobacco, besides levying an entry duty on imported products from neighbouring countries.
“In order to give some relief to the small salaried person, I propose to raise minimum exemption of profession tax from Rs 40,000 per annum to Rs 1,20,000,” Gogoi, who also holds the Finance portfolio, said in his Budget speech.
The Budget proposed that a person getting gross salary up to Rs 10,000 per month need not to pay any profession tax, while those having gross salary of more than Rs 10,000 but less than Rs 15,000 per month would have to pay Rs 150 per month. A person having gross salary of Rs 15,000 or more but less than Rs 25,000 per month shall have to pay Rs 180 per month and only those persons who have gross salary of Rs 25,000 or more per month shall be liable to pay tax at the highest slab of Rs 208 per month.
“Further, similar slabs shall be applicable also for other professionals for instance medical practitioner, technical and professional consultants, etc is more than Rs 1,20,000 but less than Rs 1,80,000, such professionals shall have to pay Rs 1,800 per year,” For the common people, the budget proposed to withdraw VAT from chimney and kerosene lamp parts from the existing 14.5 per cent rate.(PTI)
