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Deficit budget for Assam, cess on motor vehicle registration

Deficit budget for Assam, cess on motor vehicle registration
PTI
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First Published: Mon, Jun 29 2009. 03 54 PM IST
Updated: Mon, Jun 29 2009. 03 54 PM IST
Guwahati: A Rs4615.11 crore deficit budget for 2009-10 was presented in the Assam assembly on Tuesday by chief minister Tarun Gogoi proposing a 1% cess on motor vehicle registration tax, rationalisation of entry tax and reducing VAT on certain items.
With receipts from various accounts amounting to Rs106397.12 crore and expenditure at Rs114765.86 crore, Gogoi who also holds the finance portfolio said, the state would incur a deficit of Rs8368.74 crore.
“This together with the opening deficit of Rs968.95 crore for the year, would lead to an estimated closing deficit of Rs9337.69 crore. However, I propose to utilise Rs4722.58 crore from our deposits with the Reserve Bank of India,” he said.
“Hence, the budget deficit at the end of the current financial year is estimated to be Rs4615.11 crore”, Gogoi said.
To offset the low crude oil prices adversely affecting the state’s revenue collection, he propsed a 1% cess on tax on registration of both personal and commercial vehicles to create a Road Safety Fund to bring awareness among all, particularly children, elderly and drivers.
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First Published: Mon, Jun 29 2009. 03 54 PM IST