Finance minister, Anam Ramanarayana Reddy, presents a tax-free vote-on-account for the fiscal year 2014-2015.
Finance Minister, Anam Ramnarayana Reddy, on Monday, presented a tax-free revenue-surplus Vote-on-Account for the year 2014-15 with an overall expenditure of Rs 1,83,129 crore. These figures denote a 13.50% increase over budget estimates for the fiscal year 2013-14.
The Finance Minister began his speech by stating that it was a privilege for him to present the budget for the fourth consecutive time in the state legislature. In his speech, he said that of the Rs 1.83 lakh crores, Rs 1,15,179 crores would be under Plan and Rs 67,950 crores under Non-Plan. The total receipts in 2014-15 are estimated to be Rs 1,49,149 crores - an increase of 16.73% over last year's receipts. Of this, the amount that goes to central taxes will be Rs 27,028 crores, grants-in-aid will be Rs 21,078 crores and the state's own tax revenue will be Rs. 84,780 crores.
With an increase of over 18%, the revenues through sales tax are expected to be Rs 61,950 crores. Similarly, with 15% increase in each of the fields, the revenues through excise is expected to Rs 8,625 cr, motor vehicle tax - Rs 5,005 cr and stamps & registrations revenues will be Rs 7,377 cr. The state's non-tax revenue is estimated to be Rs.16,262 cr, including Rs 3,452 cr through mines and minerals.
The Finance Minister said that the total expenditure will be Rs 1,48,678 crore, an increase by 17.30% over the expenditure incurred in the previous fiscal year. Therefore, the State will have a revenue surplus of Rs 474 crore.
Addressing a press conference after the presentation of the Vote-on-Account in the Assembly, Anam said that the State Plan outlay for 2014-15 has been adopted at Rs 67,949 crores as against Rs 52,995 crores in 2013-14. The increase is mainly due to restructuring of the existing Centrally Sponsored Schemes into 66 schemes by including erstwhile ACA Schemes.
"Since it is a Vote-on-Account Budget, all the Plan Schemes that are being implemented in the current financial year will be continued in the next financial year till full budget is passed by the Legislature," Anam said. (INN)