Rs 203-cr deficit budget presented

KOHIMA, March 23: Nagaland Chief Minister SC Jamir today presented a Rs 203-crore deficit budget for the next fiscal with a commitment to carry on with the ongoing financial reform programme, reports PTI. Except for enhancing sales tax on petroleum products, the budget did not propose any fresh tax proposals. Jamir, who also holds the Finance portfolio, pegged the revised budget deficit for the current year at Rs 226.67 crore against the anticipated deficit of Rs 230.84 crore. The budget deficit for the next fiscal was projected at Rs 203.42 crore. The Chief Minister, however, expressed his commitment to streamline the tax collecting machinery saying both the tax and non-tax revenue were up during the current fiscal due to efficient tax administration. The budget proposed to bring the rate of sales tax on petrol, diesel, kerosene and LPG at par with neighbouring Assam to augment additional revenue of about Rs 2 crore a year. Although Jamir did not propose fresh taxes in the budget, he introduced three taxation bills in the House yesterday to to widen the tax net for mobilisation of additional resources. Giving thrust on resource mobilisation, the Chief Minister said implementation of fiscal reforms programme had assumed overriding importance and 'we shall start it right now in all seriousness.' The reforms programme, introduced last year, proposed to cut down non-plan expenditure, downsize the government, privatise power and transport sector and devolution of more powers to village level statutory bodies. Presenting the budget, the Chief Minister said reduction of non-plan and unproductive expenditure, increase in revenue and restructuring of the system to improve efficiency were a dire necessity to practise fiscal prudence.