Sunday 24 March 2013

Uttarakhand government announces exciting budget

Uttarakhand government announced stamp duty exemption of 25 per cent to women in property deals valued up to Rs 30 lakh and reduced tax on fruit wine to 5 per cent in the budget for 2013-14 tabled in the Assembly today.

To encourage tourism, the state government also exempted 'Spa' activities from luxury tax and relaxed assessment period to one year from half yearly related to luxury tax for the hotel industry in the Rs 25,329.84-crore budget.

Announcing tax concessions, Uttarakhand state Finance Minister Indira Hridayesh said colours of Holi and Pichkaris will be exempted from VAT whereas stamp duty exemption of 25 per cent will be given to women in property matters up to Rs 30 lakh.

To give a boost to fruit growers, VAT on fruit wine will be reduced from 32.5 per cent to 5 per cent, she said.

Laying the budget in the House amid a ruckus created by BJP members over their demand for a CBI probe into SIDCUL land deals, Hridayesh said the total expenditure for 2013-14 in Uttarakhand is estimated to be Rs 25,329.84 crore, showing an increase of 15.49 per cent over last year.

However, it is a deficit budget as total receipts in 2013-14 are estimated to be Rs 24,940.32 crore.

Non-plan expenditure this fiscal is estimated to be Rs 16,619.46 crore while the plan expenditure is estimated to be Rs 8,710.38 crore, showing a rise of 23.57 per cent.

Revenue surplus budget of Rs 901.52 crore has been estimated which is in conformity of FRBM Act targets, Hridayesh said, adding this means total revenue expenditure of the state government is estimated to be less than the estimated revenue receipts.

Fiscal deficit has been estimated to the tune of Rs 3,536.74 crore which is 2.292 per cent of the GSDP which she said is well within the FRBM target of 3 per cent.

A gender budget worth Rs 3,262 crore with special focus on women centric schemes was also laid in the House.

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