SRINAGAR: Finance Minister Haseeb Drabu on Thursday presented Rs 80,000 budget and announced the sops for government employees, business community and slew of other measures.
He also announced that every transgender in the State shall be treated as living under BPL.
Drabu presented Rs 80000 crore Budget for the fiscal 2018-19 in the Legislative Assembly today.
He said the Gross State Domestic Product (GSDP) at current prices is estimated to be Rs 1,57,384 crore, which would be equivalent to 14.9 per cent growth at current prices over the previous year.
“Besides, the Tax Revenue and Non-Tax Revenue is estimated at Rs 16,955 crore higher by Rs 1430 crore over the revised target of Rs 15525 crore. The Tax revenue is expected to grow by around 10.43 per cent over the current years RE,” he said.
It was Drabu’s 4th budget as finance minister of the PDP-BJP government in the State.
Drabu said that it was perhaps for the first time in the budgetary history of J&K that the revised estimates for the current year are much better than the budget estimates presented last year. “Revenue Estimates envisaged to be Rs 9931 crore, have been exceeded and in the process, we have crossed the Rs 10,000 crore mark of own tax collection”.
Announcing major relief for the government employees and pensioners, Drabu said the government would set up a corpus fund of Rs 12,000 crore, which will be used for making timely GPF payments to the government employees in future.
He also announced release of 1 per cent Dearness Allowance due to the employees from July 1, 2017.
“Our Government is already committed to the implementation of 7th Pay Commission Recommendations from April 1, 2018, which will be effective from 1st January, 2016,” the FM said.
Drabu also announced that minimum wages of unskilled workers were raised from Rs 150 to Rs 225 while those of skilled labour to Rs. 350 from Rs. 225.
“A new category of highly skilled worker was introduced and Rs. 400 was fixed as the minimum wage,” he said.
While announcing sops for business community, the FM said, “Government will consider providing alternate incentive in lieu of CST to the industrial units in the State. The government will also provide freight subsidy to the industrial units located in the State and transporting their manufactured goods beyond 1000 kilometres outside the state.”
He said interest and penalty on all the power arrears owed to the government by the industrialists and hoteliers and tourist resort owners shall be waived off.
Drabu said the government shall make available refund of SGST to all the industrial units, which were hitherto eligible for VAT exemption.
“It is proposed to grant one time waiver of Rs. 147.23 lakh on soft loans provided under erstwhile Prime Minister’s Package in respect of 19 Houseboat owners, who had taken such loans from Banks other than J&K Bank and SBI. It is proposed to grant waiver of penalty and interest on arrears of tax in respect of all the dealers registered under the provisions of J&K Value Added Tax, 2005 and J&K General Sales Tax Act, 1962,” the FM said.
Drabu also announced that every transgender in the State shall be treated as living under BPL unless indicated otherwise.
The FM said it has also been decided to do away with toll on vegetables, medicines, sugar, salt, tea, soaps/detergents, sanitary items, water coconut, wheat seeds, tree spray oil, newsprint, Jaggery (Gur).
He also proposed abolition of basic toll on all non-commercial, private light motor vehicles.
“Te government has also decided to abolish toll on export of all types of fruits produced within the State,” added Drabu.