Industry, as well as people from different sections of society, are disappointed with the budget for 2009-10 fiscal that state finance minister Vaju Vala presented in the assembly on Tuesday.
Industry, as well as people from different sections of society, are disappointed with the budget for 2009-10 fiscal that state finance minister Vaju Vala presented in the assembly on Tuesday. Though no new taxes have been announced (except the entertainment tax on DTH users), the main complaint against the budget is that it gives no relief in the value added tax (VAT) that was increased last year.
The budget, however, does show a new concern for social development as outlays on health and urban development have been increased sharply. Vala broke his own record of 13 budgets when he presented his 14th state budget in the assembly on Tuesday. The budget for 2009-10 fiscal has not only given no relief in VAT, it has brought DTH services, too, under the tax net. DTH users will now have to pay Rs200 per annum as entertainment tax.
Despite non-routine expenditure increasing by nearly Rs6,300 crore because of the implementation of the sixth pay commission, lower royalty from the Centre and reduction in devolution of funds from the Centre, Vala has managed to show an estimated overall surplus of Rs53.76 crore.
The state’s revenue account, which had a surplus of Rs268.56 crore in 2008-09 and was in the black for the last three budgets, is now in the red. It has a massive deficit of Rs3,913.19 crore this year.
But to keep the overall capital and revenue deficit figures low and to show a surplus budget, the government has reduced capital expenditure by Rs1,696.42 crore in 2009-10, in comparison to the last year. The budget projects revenue receipts of Rs41,815.18 crore and capital receipts of Rs.14,422.73 crore.
Against this revenue earning, the budget projects revenue expenditure of Rs45,728.37 crore and capital expenditure (including loans and advances) of Rs11,711.78 crore. As for the size of the annual development plan (ADP), the state government has increased it by 11% (from Rs21,000 crore in 2008-09 to Rs2,3275 crore in 2009-10).
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