Delhi Budget: Surge in VAT collections helped Delhi overcome financial crunch
Updated: Jun 26, 2015 11:21:04am
New Delhi, June 26 (KNN) Claiming that there has been a surge in VAT collections that has helped it overcome the financial crunch in the current financial year, AAP government presents a surplus Budget for Delhi.
In its first maiden Budget for 2015-16, the AAP government increased the budgetary allocation by 18 per cent to Rs 41, 129 crore as compared to Rs 34,790 crore allocated by Finance Minister Arun Jaitley in the previous year when Delhi was under President's rule.
Chief Minister Arvind Kejriwal said the VAT (value added tax) collection during AAP's four-month rule has surged by 26 per cent and exuded confidence that the earnings would go up without initiating any 'coercive' measures against traders.
The government did not increase the rate of VAT on goods but instead raised the luxury and entertainment tax.
Presenting the Budget on Thursday, Deputy Chief Minister Manish Sisodia said the government targets to collect Rs 41,500 from various sources while the total expenditure is pegged at Rs 41, 129 crore. This will result in a cash surplus of Rs 371 crore.
According to government, 83 per cent of total receipts are expected to come from tax revenue while the remaining 17 per cent of revenue will come from non-tax revenue which includes small loans, central assistance, share in central taxes and centrally sponsored schemes. The government has also increased the non-plan outlay by Rs 629 crore over the previous year.
The government, however, rued that there has been no hike in the state government's share in central taxes over the years. (KNN Bureau)
In its first maiden Budget for 2015-16, the AAP government increased the budgetary allocation by 18 per cent to Rs 41, 129 crore as compared to Rs 34,790 crore allocated by Finance Minister Arun Jaitley in the previous year when Delhi was under President's rule.
Chief Minister Arvind Kejriwal said the VAT (value added tax) collection during AAP's four-month rule has surged by 26 per cent and exuded confidence that the earnings would go up without initiating any 'coercive' measures against traders.
The government did not increase the rate of VAT on goods but instead raised the luxury and entertainment tax.
Presenting the Budget on Thursday, Deputy Chief Minister Manish Sisodia said the government targets to collect Rs 41,500 from various sources while the total expenditure is pegged at Rs 41, 129 crore. This will result in a cash surplus of Rs 371 crore.
According to government, 83 per cent of total receipts are expected to come from tax revenue while the remaining 17 per cent of revenue will come from non-tax revenue which includes small loans, central assistance, share in central taxes and centrally sponsored schemes. The government has also increased the non-plan outlay by Rs 629 crore over the previous year.
The government, however, rued that there has been no hike in the state government's share in central taxes over the years. (KNN Bureau)
Loading...
