No new tax in Uttarakhand 2008-09 budget

Dehra Dun, Mar 10 (UNI) Uttarakhand Chief Minister B C Khanduri today presented a surplus budget of Rs 12441.32 crore for the year 2008-09 in the Assembly without imposing any new tax.

Maj-Gen (retd) Khanduri said fiscal deficit has been reduced to Rs 1155.30 crore which is 2.89 per cent of the GDP.

He said Rs 8662.53 crore would be spent on revenue expenditure and Rs 3778.79 crore on capital expenditure.

Maj-Gen Khanduri informed that out of total revenue, Rs 5672.72 crore would be spent under plan expenditure and Rs 6768.60 crore would be spent under non-plan expenditure.

The Chief Minister said that target of revenue surplus has further been increased from Rs 1106.71 crore to Rs 1794.03 crore.

Loan incurring of Rs 1695.74 crore in this fiscal would be decreased by Rs 300 crore to Rs 1395.58 crore in the next fiscal, he informed.

The Chief Minister informed that VAT on aata, maida, suji and cereals has been decreased from 4 per cent to 1 per cent.

Stamp duty on transfer of immovable property has been reduced to 7 per cent from the current 8 per cent. Additional stamp duty of 2 per cent has also been reduced to 1 per cent in urban area.

Reprieve of stamp duty on agricultre loan has been increased from Rs 1 lakh to Rs 3 lakh. Entertainment tax has also been reduced from 60 per cent to 40 per cent.

He informed that entertainment tax on cable TV and DTH has been reduced from 30 per cent to 20 per cent.

VAT on raw materials, bought by production units, too has been made at par the sales tax of the Union Government from the current 4 per cent.

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