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Nagaland presents tax-free deficit budget

Nagaland government on Thursday presented a tax-free Rs 695 crore deficit budget for 2012-13 in the state assembly.



Kohima: Nagaland government on Thursday
presented a tax-free Rs 695 crore deficit budget for 2012-13
in the state assembly.

Presenting the budget, Chief Minister Neiphiu Rio
estimated the transaction for next fiscal at a deficit of Rs
10.07 crore. But due to estimated negative opening balance of
Rs 685.52 crore, 2012-13 would close with a overall deficit of
Rs 695.59 crore, he said.

The chief minister did not propose any fresh tax in the
budget but said that the government would continue to strive
for better realization of reavenues at existing tax rates.

Rio put the target of internal resource mobilisation at
Rs 494 crore for the next year against the budgeted target of
Rs 442 crore during the current year.

The budget estimated the gross receipt at over Rs 7,859
crore against the gross expenditure of Rs 7,858 crore during
2012-13.

Although the annual plan size is yet to be finalized by
the Planning Commission, the chief minister put the plan
outlay at Rs 2,000 crore.

The budget estimated the debt servicing liability for
next year at Rs 877 crore. The chief minister said that the
state’s finance had been stable despite `adverse awards` of
the 13th Finance Commission.

PTI

From Zee News

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