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Meghalaya CM Conrad K Sangma Presents Tax-Free, Rs 1, 323 Cr Deficit Budget

Meghalaya CM Conrad K Sangma Presents Tax-Free, Rs 1, 323 Cr Deficit Budget

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  13 March 2019 8:56 AM GMT

A Correspondent

SHILLONG: Meghalaya Chief Minister Conrad K Sangma on Tuesday presented a Rs 1, 323 crore deficit budget for the year 2019-20.

The deficit budget of Rs 1, 323 crore is around 3.65 percent of the Gross State Domestic Product (GSDP).

Conrad said his government has accorded highest priority to the task of improving revenue collection even as he expressed confidence that the revenue collection of the State would improve significantly in the next financial year.

“For 2019-20, I have estimated Rs 2,090 crore and Rs 601 crore for tax and non-tax revenue collection respectively,” the Chief Minister said.

He said that for the financial year 2019-20, the total receipts is estimated at Rs 16, 199 crore, of which the revenue receipts are estimated at Rs 14, 438 crore and the capital receipts at Rs 1, 761 crore. Excluding borrowing, the total receipts estimated to be Rs. 12, 554 crore.

On the expenditure side, the total spending is estimated at Rs 16, 202 crore, of which the revenue expenditure is estimated at Rs 13, 700 crore and capital expenditure at Rs 2, 502 crore, excluding repayment of loans.

Presenting the State of the economy, the Chief Minister stated that for the year 2017-18, the GSDP at current market price was Rs 29, 864 crore, which shows an increase of 10.33 per cent over the previous year.

According to Conrad, the advance estimates indicate that the GSDP for 2018-19 is Rs 32, 972 crore, an increase of 10.41 per cent over 2017-18. The growth of the tertiary sector is registered at 11.41 percent, the secondary sector at 11.16 per cent and the primary sector at 3.88 per cent over the year 2017-18.

The per capita income of the State at current prices for the year 2018-19 stands at Rs 94, 556 as per the advance estimates, as against Rs 87, 500 in the year 2017-18 showing an increase of about 8.06 percent.

The Chief Minister also said that the government is making all efforts to improve the revenue collection of the state, despite several limitations and challenges.

He said that the revenue collected by the taxation department is expected to touch Rs 1, 478 crore by the end of this year, thus registering a growth rate of 15 percent.

According to him, the overall tax revenue including Goods and Services Tax (GST), Excise and Motor Vehicle Taxes is estimated at Rs 1, 716 crore for 2018-19.

Conrad also informed that during the current financial year, the government have been making systematic efforts towards improving the tax and non-tax revenues.

He pointed out that in the second year of implementation of GST, the state has improved its performance which can be gauged from the fact that only Rs 73 crore was provided as compensation in 2018-19 by the centre, against Rs 124 crore in 2017-18.

Also Read: MEGHALAYA NEWS

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