The minister proposed to allocate an extra amount of Rs200 crore through additional resource generation through the various tax proposals.
The West Bengal government on Friday presented a higher plan outlay of Rs23,371.44 crore in the budget for 2012-13 whose size has been estimated at Rs3,28,468 crore.
While presenting his maiden budget in the assembly on Friday, Finance Minister Amit Mitra said that the plan outlay is 11.56% higher than that of the last year.
The minister proposed to allocate an extra amount of Rs200 crore through additional resource generation through the various tax proposals.
Value-added tax (VAT) rates on balloons have been withdrawn while that on paneer reduced from 13.5% to four%.
For wooden boxes not covered in packing materials, VAT rates were reduced from 13.5% to four%, and the same proposed for small units manufacturing kite sticks.
Items where VAT rates were increased from 13.5% to 14.5% are: cars costing over Rs 10 lakh, TV sets with MRP in excess of Rs25,000, mobile phones with MRP higher than Rs20,000, watches costing more than Rs15,000 and ACs with capacity of more than one tonne.
The budget also introduced an ad valorem duty on MRP in the country liquor segment. Cess of tea is withdrawn.
Proposals taken together would garner state tax revenue of Rs31,222 crore during 2012-13.
Mitra said that through various policy measures announced in the budget, there would be an additional creation of 10,11,183 jobs. He added that the estimated total deficit in the budget is Rs9 crore.
The budget also proposed to reintroduce entry tax on goods into the state for creating a Compensatory Entry Tax Fund.
The state's budgeted tax revenue receipts is 25.2% higher than the revised estimates of 2011-12 at Rs24,934 crore.
Mitra said that in view of the recent policy decisions taken by the Centre, the state would stand to lose Rs1,800 crore of revenue in 2012-13.
As per the West Bengal Fiscal Responsibility and Budget Management (FRBM) Act prescription, the state's revenue deficit as a proportion of GSDP is projected at 1.6% in 2011-12 and 1.1% in 2012-13.
The fiscal deficit as a proportion of GSDP is projected at 3.5% both in 2011-12 and 2012-13.
The budgetary allocation to the health sector is increased from Rs871 crore to Rs1,049 crore, the agriculture sector is allocated Rs315 crore, for drinking water Rs 800 crore, for minorities welfare it is increased from Rs330 crore to Rs570 crore and school education to Rs2,713 crore.
Allocation to power (including non-conventional sources) and road sectors are raised to Rs1,010 crore and Rs1,175.42 crore, respectively, in the budget.
Outlay towards industry and IT sector are kept at Rs500 crore and Rs102.75 crore, respectively.
Budgetary allocation towards the MSME sector is put at Rs286 crore.
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