Capt Abhimanyu proposes no fresh taxes in Haryana Budget for 2019-20

Capt Abhimanyu proposes no fresh taxes in Haryana Budget for 2019-20

Agency News

Chandigarh, Feb 25 : No fresh taxes have been proposed and the existing rates of taxes have been left untouched in the Rs 1,32,165.99-crore Haryana Budget for fiscal 2019-20, presented by Finance Minister Capt Abhimanyu, to the state Assembly here on Monday.

Unfolding the proposals contained in the Budget-his fifth in a row-Capt Abhimanyu said in consonance with the theme of 'Haryana Ek Haryanvi Ek,' the budget aimed at putting the state in higher growth trajectory and fulfilling the aspirations of the people in the last year of the tenure of the present government.

Lacing his Budget with new initiatives, the Minister outlined two schemes to provide financial and social security cover to the families of farmers with land holding of up to 5 acres, and those of workers in unorganised sectors with family income of less than Rs 15,000 per month.

This is besides a deal with four public sector banks to provide government employees, with social security benefits.

A number of other such initiatives as introduction of Haryana Accountability of Public Finance Act and output-outcome framework to monitor utilisation of scare financial resources in a fruitful manner for overall development of the state, have also been taken.

With the economy firing on all cylinders, the Budget seeks to combine fiscal prudence with sagacious utilisation of resources and idle funds to optimise their use and effect.

Riding the crest of better realisation of both tax and non-tax receipts, Capt Abhimanyu has not allowed himself to cross the fiscal barriers. While fiscal deficit and debt-to-GSDP ratio have been kept within limits, the pace of reversal of the trend of rising financial deficit has been hastened.

Quoting Kautilya who said, 'A tax collector should collect taxes from a tax payer just like a bee collects honey from a flower in an expert manner without disturbing its petals,' Capt Abhimanyu said, 'In this spirit, like in the past, this year also, I do not intend to propose any change in the present rates of taxes under the Haryana Value Added Tax (HVAT) Act, 2003 or introduce any new tax in these Budget estimates for fiscal 2019-20.'

Though no new tax has been proposed, the revenue receipt is expected to increase to Rs 82,219.41 crore in 2019-20 through better realisation of tax and non-tax receipts, over RE 2018-19 receipt of Rs 7,6828.11 crore. This includes state's own tax receipt of Rs 51,105 crore and non-tax revenue of Rs 10,024.95 crore.

The Budget represents an increase of 14.73 per cent over BE 2018-19 outlay of Rs 1,15198.29 crore and 9.79 per cent over RE 2018-19 of Rs 1,20,375.40 crore.

The Budget outlay comprises 28.7 per cent as capital expenditure of Rs 37,924.09 crore and 71.3 per cent as revenue expenditure of Rs 94,241.90 crore.

The proposed major sources of tax revenue are GST – Rs 22,750 crore, VAT- Rs 10,900 crore, Excise Duty - Rs 7,000 crore and Stamp and Registration - Rs 6,500 crore. Non-tax receipts include among others EDC – Rs 3,500 crore, Transport – Rs 2,000 crore and Mines – Rs 800 crore.