Shillong, March 15: The Chief Minister Dr Mukul Sangma who is also holding finance portfolio today present the budget for this Financial year 2017-2018 with the deficit of Rs.1,236 cores. The budget presentation it was projected that the total expenditure for the current financial year will be Rs.12,873 core and the total receipt for the current year is expected Rs.12,510 core.
The Chief minister mention that the estimated of the total receipts at Rs.12,510 core, of which the revenue receipts are estimated at Rs.11,280 core and capital receipts Rs.1,230 core. Excluding borrowings, the total receipts are estimated to be T.11,302 core.
On the expenditure side, the chief minister said that he has estimated that in this financial year total expenditure will be at Rs.12,873 of which revenue expenditure is estimated at Rs.10,648 core, and capital expenditure Rs.2,225 core excluding repayment of Loans and the estimate total expenditure is Rs. 12,538 core.
The chief Minister also said that the interest payment during the financial 2017-2018 is estimated at Rs.589 cores and pension payment is Rs.730 cores, and therefore he is presenting the budget for the year 2017-2018 with the fiscal deficit of Rs.1,236 core which ias around 3.8% of the GSDP.
In the budget speech the Chief Minister has also made tax proposal in order to mobilize additional resources in the areas like, Revise excise duty in various segments of Beer, IMFL/Extra Neutral Alcohol [ENA] and different categories of IMFL products. Revise the licence fee for various categories of bonded warehouses. Reduce export fee for IMFL products to give a boost to export of IMFL. Revise the licence fee for ‘’OFF’’ retail licences and various types of bar licences.
The Chief Minister also mention that the government will revise the fee for compounding and blending , reduction and bottling, distillery and brewery. Revise upward the VAT on liquor.Revise the late closing fees for hotels, restaurants and bars.Increase the rate of tax across all slabs under the Meghalaya Passengers and Goods Tax Act. Rationalize the tax structure on cigarettes and bidis.
The Chief minister has also made elaborate statement on allocation of fund that was earmark for each department, for Law and order Rs.42.20 core, Judiciary Rs.60 core, District Council Affairs Rs.1.05 core, Key sector of the budget Rs.450.20 core, Agriculture and allied sector Rs.287.94 core, Animals husbandry and veterinary Rs.57.38 core, Fisheries Rs.45.50 core, Sericulture and veining Rs.37.20 core, Waters resources Rs.199.20 core, Forest and environment Rs.48.01 core, Soil and Water conservation Rs.193.87 core, Community Development Rs.1731.57 core, Housing Rs.60 core.
Border areas development Rs.59.96 core, Urban development Rs.267.07 core, Health and family welfare Rs.420.93 core, Education Rs 909.94 core, Sport and Youth Affairs Rs. 51.20 core, Tourism Rs.51.19 core, Art and Culture Rs.41 Core, Labour and Employment Rs.26.61 core, Social welfare Rs.386.10 core, Water supply and sanitation Rs.350.80 core, Food civil supplies and consumer affairs Rs.106.11 core, Road Bridges Rs.712.80 core, Power Rs.131.40 core, Transport Rs. 17 Core, Commerce and Industries Rs.27.91 core, Mining and Geology Rs.3.69 core , Information Technology Rs.61.95 core, Information and Public Relation Rs.9.80 core.
