The Hindu Business Line : Goa Budget proposes no fresh levies

THE 2005-06 Goa Budget presented in Parliament proposes no fresh levies but leaves an overall surplus estimated at Rs 104.64 crore with the Union Finance Minister, Mr P. Chidambaram, seeking a "vote on account" for the first five months of the next fiscal.

Since Goa has been under President rule, the powers of the legislature of Goa are exercisable by or under the authority of Parliament. Hence the statement of estimated receipts and expenditure of Goa for the financial year 2005-06 was presented to Parliament on Thursday.

The Budget estimates 2005-06 places the revenue receipts at Rs 2,872.94 crore. The State's share of Central taxes, duties and grants-in-aid from the Government add up to Rs 379.49 crore. The revenue expenditure is projected at Rs 2,914.74 crore, leaving a revenue deficit of Rs 41.79 crore. On the capital account, the receipts are estimated at Rs 786.66 crore and expenditure at Rs 751.52 crore. After accounting for transactions in the Public Account and the opening balance, the overall surplus in 2005-06 is estimated at Rs 104.64 crore.

The Plan outlay for next fiscal is estimated at Rs 975.87 crore, which is substantially higher than the current year level of Rs 847.50 crore. Central assistance has been projected at Rs 159.75 crore and State's own resources at Rs 816.12 crore in 2005-06.

Reviewing the current fiscal revenue stream, it said the revised estimates 2004-05 show a reduction of Rs 688.41 crore in receipts under revenue account against the budget estimates of Rs 2,627.11 crore. But this reduction has been partially offset by higher than budgeted share in central taxes and grants-in-aid.

The revenue expenditure declined by Rs 620.89 crore against the budget estimates of Rs 2,635.06 crore. There has been an increase in interest payment and in salaries under non-Plan head on account of merger of dearness allowance with basic pay. These changes in receipt and expenditure have resulted in the revenue deficit worsening from Rs 7.95 crore to Rs 75.47 crore.

Taking into account the net transactions under Consolidated Fund, Contingency Fund and Public Account along with an opening balance of (-) Rs 13.06 crore, financial year 2004-05 is expected to close with a surplus of Rs 75.74 crore against the budget estimates of (-) Rs 8.98 crore.

The Finance Minister also introduced the third and final batch of supplementary demands amounting to Rs 58.74 crore for the current fiscal.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page