Mizoram government presents Rs 8,803-cr surplus, tax-free budget

  • IANS

    IANS | Aizawl

    March 17, 2017 | 03:28 AM
Mizoram Finance Minister Lalsawta

Mizoram Finance Minister Lalsawta (PHOTO: TWITTER)

Mizoram Finance Minister Lalsawta on Thursday presented a Rs 8,803.10-crore tax-free surplus budget for the financial year 2017-18.

The minister tabling the budget said that the surplus of Rs 331.07 crore was possible with the revenue surplus of Rs 1,787.10 crore.

Lalsawta said: "Rs 750 crore were allocated for implementation of the New Economic Development Policy (NEDP) to boost the state's agriculture-based economy."

Mizoram Chief Minister Lal Thanhawla launched the NEDP in October last year to develop private-public partnerships for adding value to various agricultural, horticultural and other produce.

The Finance Minister said that Rs 239.50 crore were allocated for maintenance of roads while Rs 657.64 crore for construction of new highways to improve the connectivity between the rural, remote and urban areas of the bordering state.

"In the coming year's (2017-18) Budget, Rs 366.77 crore was also allotted as a matching share under the Externally Aided Projects (EAP) for development of roads and other infrastructure. The World Bank and the Asian Development Bank have also given funds to Mizoram for development of the state's highways and various other infrastructures," the minister said.

The Finance Minister told the house that the state government is optimistic that after the implementation of the GST (Goods and Services Tax) from July the state's revenue would be increased with rational amount.

"I did not make any proposals in the Budget increasing the rates of taxes or also did not impose any new tax as the GST would supersede the whole tax regime," he added.

The fortnight-long Budget Session of the 40-member Mizoram assembly began on Tuesday with the customary speech of the state Governor Lt. Gen. Nirbhay Sharma (Retd).