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Mamata lauds Amit Mitra’s ‘maa-mati-manush’ budget

Mamata lauds Amit Mitra’s  ‘maa-mati-manush’ budget
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”It is a Budget for maa-mati-manush,” Mamata told reporters after presentation of the Budget.
Mamata said that despite the large debt burden on its shoulders, the state government had been able to increase tax collection progressively, simply by way of tax reforms that no other state had done.
“One day our revenue collection might cross Rs 50,000 crore,” she said.

But the budget for 2015-16 shows a revised own-tax collection of Rs 40,062 crore for 2014-15 against the budgeted estimate of Rs 45,413 crore. The Budget has made provisions for farmers by giving them assistance of Rs 10,000 for purchase of pumps and for students by providing them with 40 lakh cycles in two years to support their education.

”We have kept two years’ time because there will be difficulty in sourcing 40 lakh cycles in a short time. It will be nice if new cycle factories come up in the state,” she said.

The budget had also given relief to the small-scale sector, value-added tax and stamp duty reliefs.
Despite the financial hurdles, the government was continuing with all developmental work.
Finance Minister Amit Mitra, while responding to the possible tax revenue shortfall, said that the full month of March was still ahead.

”Revenue collection is the highest in that month and we are confident of meeting the budgeted target,” he said.

Tax revenues are composed of states’ own-tax revenues and share in central taxes. The budgeted estimate of own-tax revenue collection for 2015-16 has been pegged at Rs 46,500 crore, an increase of only Rs 1,000 crore from the earlier budget projection.

The government is fully confident of meeting the target as the month of March is still ahead. Without any fresh tax proposals in the budget, the finance minister has given several concessions in the form of increasing the VAT threshold, an amnesty scheme for dealers who were still outside the VAT fold, VAT relief to the medium, small and micro enterprises sector and stamp duty relief among others.

Mitra, in his budget speech, said the state was carrying a huge debt burden left by the previous government, and that repeated pleas to the Centre for waiver of interest payments went unheeded.
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