Punjab budget 2018: New levy on income tax payers proposed

Aiming at mobilisation of resources, the state has levied development tax of Rs 200 per month on income tax payers, Finance Minister Manpreet Singh Badal said.

Written by Kanchan Vasdev | Chandigarh | Updated: March 25, 2018 2:32:08 am
punjab budget 2018, income tax payers, new income tax, punjab budget highlights, indian express Aiming at mobilisation of resources, the state has levied development tax of Rs 200 per month on income tax payers, Finance Minister Manpreet Singh Badal said.

With a revenue deficit of Rs 12,539 crore, the Congress government in Punjab Saturday presented its 2018-2019 budget, its second after taking office in 2017, attempting additional resource mobilisation through levy of a development tax on salaried residents and pensioners. Finance Minister Manpreet Singh Badal presented the budget with an outlay of Rs 1,02,198 crore and a fiscal deficit of Rs 19,720 crore. The state’s debt burden is expected to rise to Rs 2.11 lakh crore from Rs 1.95 lakh crore by March 2018. Aiming at mobilisation of resources, the state has levied development tax of Rs 200 per month on income tax payers, Badal said. The government has set aside Rs 4,250 crore for farm debt waiver, compared to Rs 1,500 crore in the first Budget. An amount of Rs 370 crore was spent on providing farm loan waiver to 71,166 farmers, Badal said.

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