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The West Bengal government will present the Finance Bill containing tax proposals, if any, during the ongoing session of the Legislative Assembly this month.
Though the State Finance Minster, Mr Amit Mitra, did not describe it as a full-fledged budget, for practical purposes the State government will place its consolidated income-expenditure proposal for the current fiscal.
“We will bring in a Finance Bill during the ongoing session of the Assembly. Let us see what the Bill contains,” Mr Mitra told newsperson outside the State Assembly. He was responding to queries on possible tax reforms to enhance revenue collection.
Excise duty hike
Mr Mitra added that a decision to hike excise duty on IMFL (Indian made foreign liquor) and online lottery has already been taken. “We have escalated excise duties through introduction of rule. It is an administrative exercise and does not require the assent of the Assembly,” he said.
The Finance Minister also submitted “an abstract of the annual financial statement for 2011-12 and trends of expenditure and growth” to the Assembly on Thursday. The detailed financial statement was submitted in June along with the vote-on-account budget for August and September.
Revenue projections
As per the “statement,” the State has projected 30 per cent growth in revenue receipts to Rs 65,848 crore. Revenue expenditure is slated to move up by 10 per cent to Rs 74,139 crore. Revenue deficit was projected to come down to half from Rs 17,166 crore to Rs 8,290 crore.
The statement proposes 30 per cent growth in own tax revenue to Rs 27,690 crore. Major growth is expected in proceeds from land revenue (34 per cent), stamp and registration fees (28 per cent), State excise duties (33 per cent), sales tax (28 per cent), tax on vehicles (35 per cent) and, electricity duties (34 per cent).
Of the projected Rs 6,390 crore increase in tax revenue, nearly 60 per cent or Rs 3,749 crore is estimated to be raised through sales tax proceeds.
The share in Central taxes is estimated to increase by Rs 3,221 crore or 20 per cent.
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