TEAM HERALD
PANJIM: Amid a gloomy economic scenario, largely affected by ban on mining operations for the second successive year, Chief Minister Manohar Parrikar will present the State Budget 2014-15 on March 5 with major focus on additional resource mobilization through taxes, to continue to fund some of the BJP-led government’s populist schemes, ahead of the Lok Sabha elections.
This would be BJP-led government’s third Budget. Parrikar had presented Rs 10,053.24 crore budget for 2013-14. “This year Budget plan size would be higher compared to last fiscal. A four to five per cent rise in the plan size,” an official source confirmed.
Budget would be tabled at 2.30 pm and the Vote on Account on Budget would take place on March 6.
Last year, the State Government had to balance its finances considering that there was a shortfall of around Rs 1000 crore iron ore mining revenue owing to the ban. However, State managed to earn around Rs 500 crore from mining sector through stamp duty and dump conversion fees.
The official confirmed that the government will give importance to continue with social welfare schemes announced and implemented in last two years as a part of fulfilment of its election manifesto. The budget will have to fund its two flagship schemes Laadli Laxmi and Griha Aadhar besides various existing schemes such as Dayanand Social Security Scheme (DSSS) and financial assistance to people affected by mining ban.
Apart from mining, State is facing a loss of Rs 150 crore per month due to abolition of VAT on petrol. This Budget, VAT on aviation turbine fuel is likely to be lowered from 12 to 5 per cent. The tax was reduced from 22 to 12 per cent during the last Budget.
The Budget is also expected to focus on boosting agriculture, tourism and industrial sector. Goa Chamber of Commerce and Industry and Goa State Industries Association have already sought tax exemption in several ways along with demanding industrial infrastructure.
