"I am not proposing any new tax or increase in the current tax rate in the budget for 2008-09. I am rather making some items tax-free or reducing the current rate," Singh, who holds the finance portfolio as well, told the Assembly.
With no hike in taxes, the government has reduced value added tax (VAT) on many items and proposed exemption for all salaried classes from the ambit of professional tax with special focus on welfare schemes, and gender development.
For the first time the government has presented a “women friendly” with stress on the welfare, uplift and empowerment of women.
The budget also includes reduction of stamp duty by two percent in case of transfer of immovable property in favour of women, rationalisation of tax structure in a variety of items of mass consumption and reduction of VAT on battery operated vehicles from 12.5 percent to four percent.
Presenting a deficit budget, he said the total revenue receipt for the next fiscal would be Rs 18,231.39 crore against the total expenditure of Rs 18,285.80 crore, resulting in a net deficit of Rs 54.41 crore.
Taking the previous deficit into account, he said, the total budgetary deficit would be Rs 820.25 crore.
This deficit would be covered though the financial management and additional resources, the Chief Minister added.
The Plan outlay for Maoists affected districts has been increased substantially to fight the armed naxalites.
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