No new tax in J&K budget

With an eye on forthcoming Lok Sabha and Assembly elections, the Jammu and Kashmir government in budget 2014-15 announced various incentives to the industry and unveiled a slew of social welfare schemes but imposed no new tax.
Presenting the Rs 43,543-crore, zero deficit budget in the Assembly, Finance Minister Abdul Rahim Rather also announced an insurance scheme for panchayat members and the regularisation of Rehbar-e-Zirat employees.
A provision of Rs 3 crore has been made for the purpose of marriage of orphan girls belonging to BPL families.
An amount of Rs 3.50 crore has been earmarked for Women Development Corporation to set up 100 Self Help Groups (SHG), comprising 44,000 women.

The coverage of 'Beti Anmol Scheme' has also been extended to all blocks from existing 97 blocks. The financial assistance to poor girls for higher education, too, has been increased from Rs 5,000 to Rs 10,000 under this scheme.
"It is big decesion we took today that there will no new tax in the budget we presented today. Not only there will be no tax hike, but the existing tax rates would also not be increased," Rather told reporters after presenting his sixth budget.

"We have been appreciated for tax mobilisation .... Even CAG has appreciated us," he said.
The Finance Minister said the tourism incentive package, which expires on December 31, 2014, shall be extended up to March, 2015 whereas stamp duty exemption on KCC has been increased from Rs 1.50 lakh to Rs 3 lakh. This concession shall also be available to the Artisan Credit Cards, he added.

"It is not that I haven't imposed taxes this time in view of elections. If you look towards all my five budgets, I have never focused on imposing more taxes," he said, adding that people cannot face the burden of more taxes.
The Finance Minister said both entry tax and toll tax on fertilisers, fungicides and weedicides, which are considered important agriculture inputs, have been exempted.
The horticulture sector, especially apple, pear, cherry has been brought under the ambit of the insurance cover concession granted to the industry.
"We presented an innovative, tax free and pro-people Budget in the Jammu and Kashmir Legislative Assembly", he said. "The budget reflecting policies and programmes of the coalition government, aims at to give right direction to the state's economic growth and development within the available resources," he added.

In his 115-minute long speech, Rather said that despite limited financial resources and multiple problems confronting the state, every possible effort has been made to provide succor to various sections of the society, including trade, industry, tourism, farming community.