Haryana budget: Govt push for digital payments, no new taxes

Except for making bio-diesel and solar devices and parts used in installation of solar power projects tax free by exempting them from Value Added Tax, no changes have been proposed in the tax rates.

Written by SUKHBIR SIWACH | Chandigarh | Published:March 7, 2017 4:04 am
Haryana budget, digital payment, no nex taxes, demonetisation, Modi government, Haryana Finance Minister Captain Abhimanyu, India news, Indian express Chief Minister Manohar Lal Khattar

NO FRESH taxes have been proposed in the record Rs 1.02 lakh crore Swaran Jayanti Year Budget for Haryana for the year 2017-18. In view of the Modi government’s move towards cashless transactions after demonetisation, Haryana has also announced that all government payments of more than Rs 5,000 would be made via digital mode only.

“Five per cent rebate will be given on bill payments to utilities and other government payments through BHIM app, subject to a maximum of Rs 50,” said Haryana Finance Minister Captain Abhimanyu while presenting the budget in the Assembly on Monday.

Except for making bio-diesel and solar devices and parts used in installation of solar power projects tax free by exempting them from Value Added Tax, no changes have been proposed in the tax rates.

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Referring to the growth in per capita income (PCI), the finance minister said when the present government took over in 2014, the PCI growth rate was 4 per cent compared to the all-India figure of 5.8 per cent in 2014-15. The PCI growth rebounded to 7.5 per cent in 2015-16 against 6.6 per cent nationally. In 2016-17, PCI is expected to show a growth of 7.2 per cent while the all-India PCI is expected to grow at 5.9 per cent.

“The maturing economy of Haryana is in the pink of health and is firing on all cylinders. It has made significant strides in all key parameters that constitute the economic and fiscal space. Be it GSDP (Gross State Domestic Product) growth, per capita income, fiscal deficit, debt-to-GSDP ratio or total revenue as a ratio of GSDP, things have improved,” he said.

Abhimanyu said the state economy – which is estimated to have logged a growth of 8.7 per cent in 2016-17 – is poised to touch 9 per cent in the next financial year. He said, “Under the dynamic leadership of Chief Minister Manohar Lal Khattar, the state has made significant strides in all economic and fiscal parameters.”

The GSDP, which grew at constant 2011-12 prices, stated Abhimanyu, had registered a high growth of 9 per cent in 2015-16 compared to 5.7 per cent in 2014-15. In 2016-17, though GSDP grew at 8.7 per cent, it is expected to rebound to 9 per cent plus growth in 2017-18.

Abhimanyu said the GSDP growth never touched 9 per cent during the last five years of the previous regime. It was 7.4 per cent in 2010-11, 8 per cent in 2011-12, 7.7 per cent in 2012-13, 8.2 per cent in 2013-14 and as low as 5.7 per cent in 2014-15. Moreover, the GSDP growth rate has remained significantly higher than the all-India GDP growth during the tenure of the present government, he added.

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