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With a record budget pegged at Rs 1.151 trillion, Haryana's Finance Minister Abhimanyu proposed no new taxes in the annual budget for 2018-19. The budget was presented in the state assembly on Friday during the ongoing Budget Session.
The Finance Minister announced reduction on VAT (value added tax) on natural gas used by industry from 12.5 per cent to 6 per cent.
The per capita income of the state at current prices in 2016-17 was estimated at Rs 178,890 which is likely to further increase to Rs 196,982 in 2017-18 as compared to the all-India figure of Rs 1,12,764 making it one of the highest in the country, said Abhimanyu as he presented his fourth budget.
He said that the budget represents an increase of 12.6 per cent over the 'Swaran Jayanti Year' Budget of Rs 1.02 trillion last year (2017-18) and 14.4 per cent over RE (revised estimates) 2017-18 of Rs 1.0 trillion.
The budget outlay comprises 26.1 per cent as capital expenditure of Rs 300 billion, and 73.9 per cent as revenue expenditure of Rs 851 billion.
Riding the crest of better realisation of both tax and non-tax receipts, the Finance Minister has estimated revenue receipts at Rs 769 billion, including the state's own tax receipt of Rs 491 billion, and non tax-revenue of Rs 113 billion.
The major sources of tax revenue are GST Rs 237 billion, VAT Rs 114 billion, Excise Duty Rs 60 billion and Stamp and Registration Rs 45 billion.
Referring to the share of budgetary allocations to different sectors in fiscal 2018-19, he said these had been hiked in most cases.
About 28.7 per cent of the total budget has been allocated to economic services like agriculture and allied, irrigation and rural electrification subsidy 12.22 per cent, power 5.87 per cent, transport, civil aviation, road and bridges 4.73 per cent, rural development and panchayats 3.76 per cent and others 2.12 per cent.