Deficit budget with no new tax presented by Punjab FM

Chandigarh, Mar 7 (UNI) With a projection of 18 per cent increase in tax collection in the coming fiscal, Punjab Finance minister Surinder Singla today presented a tax-free budget for 2006-07 in the state assembly.

The state's revenue account deficit in the annual financial statement for 2006-07 has been estimated at Rs 1389.63 crore, while the closing balance for the next financial year has been projected at Rs 2085.55 crore as a surplus amount in the state's consolidated fund.

Summarising the initiatives XXX Eds: here pick up from para two of DR 20, ASSEMBLY-PUNJAB-BUDGET.

UNI PS RA KN1442