Published on 20/02/2020 8:32:05 AM | Source: IANS

Mizoram CM presents tax-free Rs 10,715 crore budget

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Mizoram Chief Minister Zoramthanga on Wednesday presented a tax-free budget with an outlay of Rs 10,715 crore for 2020-21.

In the budget, presented on the third day of the budget session, there is no new proposal for levying new taxes or enhancing tax rates for the next fiscal.

Zoramthanga, who also holds the Finance portfolio, told the house that it is a surplus budget of Rs 17.73 crore.

The Chief Minister said that the government has taken a series of steps to increase the state's own tax and non-tax revenue at Rs 1,244.76 crore with an estimated growth of 20.50 per cent compared to 2019-2020 budget.

He said the target would be achieved not by imposing fresh taxes but by a more efficient tax collection and better tax management system.

The budget proposal has fixed the revenue expenditure estimated at Rs 9,021.85 crore, which is 84.20 per cent of the total budget. "Total fund earmarked for capital expenditure to the development of the state amounts to Rs 1,693.15 crore, which is 15.80 per cent of the total estimated expenditure," Zoramthanga added.

With the customary speech of Governor P.S. Sreedharan Pillai, the 5th session of the 8th Mizoram Assembly began here on Monday. The Budget Session will continue till March 14, with a break in between.