State Finance Minister Haseeb Drabu presented his maiden state budget on March 22, 2015 for Jammu and Kashmir. It is also the first budget led by the BJP-PDP coalition government. The budget ensured economic self-reliance and fiscal autonomy.
The total expenditure budgeted is 46,473 crore Rupees out of which 35,227 crore Rupees are secured for current or revenue expenditure and remaining is for building assets.
Here are the highlights of the session
- Of demand charges on electricity from September 2014 to March 2015
- For passenger tax on vehicles which remained off due to floods from September to December 2014
- Under Goods and Services tax (GST) in respect of lodging services provided by hotels, lodges, guest houses to be extended up to March 2016
- VAT exemption on paddy, rice, wheat, pulses, floor, Maida, sugi and baisen till March 2016.
- Two percent increase in the existing rate of sales tax
- Five per cent value added tax (VAT) levied on computers and computer peripherals
- Increase of five paisa per kilogram in the existing rates of toll
- He said total revenue receipts has been estimated at Rs 37,814 crore and capital receipts at Rs 4,323 crore with own tax revenue estimated at Rs 8,006 crore.
Benefits for women:
- Equal treatment of Women employees of the State with regard to Maternity leaves
- 1,000 Rupees per month to be credited to the girl’s account for the next 14 years. On reaching 21, she would be receiving 6.5 lakh Rupees under the scheme
- Widows or destitute women with no source of income to be provided with zero balance saving account, an accident cover of Rs 25,000, life insurance of Rs 25,000, sickness and disease cover of Rs 5,000 and maturity/survival benefits of Rs 25,000 after five years under the scheme ‘Aasra’
- The revised estimates for the year 2014-15 showed total revenue receipts of 37,814 crore Rupees with individual tax revenue of 8,006 crore Rupees
- According to the states Finance Minister, Drabu the budget is an amalgamation of credibility and confidence of the government and its financial management.