Dehradun: The Uttarakhand Government today presented Rs 328.94-crore deficit budget for 2008-09, imposing no new taxes and reducing value added tax on atta, maida, suji and dal.

Presenting the budget, which was boycotted by the opposition, Chief Minister B C Khanduri, who is also the Finance Minister, said fiscal deficit is estimated to be Rs 1,155.30 crore, which is 2.89 per cent of the GSDP, against the prescribed limit of 3 per cent under the Fiscal Responsibility and Budget management Act.

Total receipts are estimated to be Rs 12,112.38 crore as against expenditure of Rs 12,441.32 crore, leaving a deficit of Rs 328.94 crore. Revenue receipts are projected at Rs 10,456.56 crore, while revenue expenditures are estimated to be Rs 8,662.53 crore. The outlay under the gender budgeting, introduced in 2007-08,has been increased from Rs 333 crore in 2007-08 to Rs 656 crore in 2008-09.

VAT on atta, maida, suji and dal has been reduced from 4 per cent to 1 per cent. The provision of compulsory audit under VAT will be relaxed for dealers having annual turnover of up to Rs one crore. The state government has proposed to increase the exemption on stamp duty on agriculture loans from Rs 1 lakh to Rs 3 lakh.

Stamp duty on transfer of immovable property is reduced to 7 per cent from 8 per cent. In case of property sale at a rate higher than the circle rate, the government has proposed to exempt stamp duty on 50 per cent of the difference.

Source : PTI