Shillong March 22: The chief minister of Meghalaya Dr Mukul Sangma who hole the finance portfolio today present his budget for the financial year 2013-2014 with the defecit of Rs 520 core. In his presentation the chief minister to do not put any new taxes but the government has increase the royalty on coal.
To increased the revenue collection the government has appointed additional advocate general as the chairman of the Task Force to see haw additional resources mobilization could be tap, the committee has already submitted their interim report which the government is examining and action will be taken in the consultation with concern department.
In his budget speech the chief minister said that the state own resource contribution is only 20% on the total expenditure and the state has to depend mostly on the central government . The government in order to meet the requirement of the state is through market borrowing.
The government is anticipating that the total receipt fro the current financial year 2013-2014 is estimated Rs 8,609 cores, and the plan grant from the central government is expected to be Rs 4,761 cores. The the state own revenue is expected to increased to Rs 1,371 core.
The government is also anticipating that the total expenditure for the current financial year 2013-2014 is Rs 9,289 core with an increased of 22.2% in the current year. On the revenue expenditure is expected to be Rs 7,333 core and capital expenditure is Rs 1,956 core.
The budget which is presented today by the chief minister is a tax free budget except on coal, the royal on coal was increase in he financial year 2012-2013 from Rs 390 to Rs 675 per tone. In the over allocation of fund to all the government department is a normal increased form time to time. Since the full budget could not be pass in this session the chief minister present the vote on account for the next three month. (SP News)
