Political News

Punjab Budget 2018-19: Two New Taxes, Farm Power Subsidy to Continue (Read Full Budget Summery)

By Sikh Siyasat Bureau

March 25, 2018

Chandigarh: Punjab Finance Minister Manpreet Singh Badal presented state budged in the Punjab Assembly on Saturday (March 24).

The state finance minister came up with a development tax on income tax payers and levy for social security as the state continues to stare at burgeoning deficits.

Beginning April, income tax assessees — professionals, traders and employees — may have to pay Rs 200 per month.

This Punjab Development Tax, along with a tax for funding social security schemes, was announced by Finance Minister Manpreet Singh Badal as he presented his Budget proposals for 2018-19.

The budget summery released by Information and Public Relations Department, Punjab is being reproduced below for the information of readers of the Sikh Siyasat News (SSN):

BUDGET SUMMARY 2018-19

The total Budget size for the year 2018-19 is `129698 crore. However the effective Budget size is `102198 crore as the above figure contains a budget provision of `27500 crore towards Ways and Means transactions for the current year. The total Receipts are expected to be `122923 crore. The details are as follows:

Sr. No. Item Revised Estimates 2017-18

(` crore)

Budget Estimates 2018-19

(` crore)

1 Revenue Receipts (2+3+4+5+6) 56872 73812
2 State’s Own Tax Revenue 35490 41064
3 State’s Own Non-Tax Revenue 5096 10249
4 Share of Central Taxes 10617 12429
5 Grants-in-Aid from Centre 5668 8570
6 Additional Resource Mobilization 1500
7 Capital Receipts (8+9+10) 45808 49111
8 Public Debt excluding Ways and Means Advance 18233 21555
9 Ways & Means Advance 27500 27500
10 Recovery of Loans 75 56
11 Total Receipts (1+7) 102680 122923
12 Revenue Expenditure (13+14+15+16) 71182 86351
13 Salaries and Wages (including Grant-in-Aid) 24938 25709
14 Pension and retirement benefits 9469 10305
15 Interest Payments 15175 16260
16 Other Revenue Expenditure 21600 34078
17 Capital Expenditure 4389 6385
18 Repayment of Public Debt excluding Ways and Means Advance 7530 8610
19 Repayment of Ways & Means Advance 27500 27500
20 Advances of Loans 2197 851
21 Total Expenditure (12+17+18+19+20) 112797 129698
22 Revenue Deficit (12-1) 14310 12539
23 Fiscal Deficit (22+20+17-10) 20821 19720
24 Primary Deficit (23-15) 5646 3460
25 Outstanding Debt 195978 211523
GSDP at Current Prices 477482 518165

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