Jharkhand presents deficit budget, to implement VAT from April
Ranchi : Jharkhand will implement the value added tax (VAT) provisions in the state from April 1, Finance Minister Raghubar Das announced Friday while presenting a deficit budget for the 2006-2007 financial year.
Das presented a budget of Rs.159.34 billion for the fiscal 2006-2007 against the total estimated receipt of Rs.147.78 billion.
Of the Rs.78.14 plan expenditure, Rs.65 billion would be the share of state plan, Rs.9.44 billion for centrally sponsored schemes and Rs.3.69 billion for central plan schemes.
Education, art and culture have been allocated highest budgetary provisions of 13.99 percent followed by rural development with 11.36 percent.
The finance minister announced to implement VAT from April 1.
"The budget has been planned to improve the agriculture and rural sectors of the state. We are also trying to improve the irrigation sector to give a boost to state agriculture," the minister told reporters.
He said: "From next financial year we are trying to improve the structure of different departments so that the funds can be utilised better in a given period of time."
This was the third consecutive deficit budget that has been presented by the National Democratic Alliance government in past six years.