Guwahati: A Rs 293.44 crore deficit budget with no fresh tax proposals was presented in the Assam assembly by chief minister Tarun Gogoi today.
Presenting the budget, Gogoi, who also holds the finance portfolio, said the opening deficit of Rs 1,079.11 crore in 2012-13 financial year was expected to improve with an estimated closing deficit of Rs 293.44 crore.
In a major concession, the government has reduced the rate of tax under VAT from 13.5 per cent to five per cent for items including alcohol, honey, glucose and coal tar. The government has given tax concession and other benefits to the industries as per the Industrial and Investment policy for rapid industrialisation of the state, Gogoi said.
Special incentives to the industries having mega status was also given to promote employment generation and benefits to the consumers, he said. With the Guwahati Tea Auction Centre (GTACC) facing stiff competition, the government has proposed to reduce the rate of tax on auction sale from the existing one per cent to 0.5 per cent and the rate of tax on sale of tea through private arrangement from existing two per cent to one percent.