Highlights of BUDGET 2017-18

Share of Central Taxes up at Rs. 9711crore as against figure of Rs. 9500crore in Revised Estimates 2016-17.

GK Web Desk
Srinagar, Publish Date: Jan 11 2017 2:20PM | Updated Date: Jan 11 2017 2:20PM
Highlights of BUDGET 2017-18Representational Image
Here are the highlights of the budget 2017-18 announced by the Finance Minister Haseeb Drabu in the Jammu and Kashmir legislature in Jammu on Wednesday:
 
General
 
v Total receipts Rs.76335crore
 
v Revenue Receipts Rs.58168crore of which:
 
Own Tax Revenue estimated at Rs. 9931crore.
 
Share of Central Taxes up at Rs. 9711crore as against figure of Rs. 9500crore in Revised Estimates 2016-17.
 
Revenue Deficit Grants of Rs.11849crore as againstRs.10831crore in 2016-17.
 
v Capital Receipts Rs. 18167crore.
 
v Total expenditure Rs.79472crore.  
 
v Revenue Expenditure (RE) including Security Related Expenditure (SRE) to touch Rs. 48819crore.
 
v Capital Expenditure (CAPEX) accounts for Rs. 30653crore of which:
 
Rs. 3955crore for State Sector Schemes.
 
Rs. 1037crore allocation for District Sector Capital Expenditure.
 
v Rs. 10000crore under Centrally Sponsored Scheme.
 
v Rs.8500crore under Prime Ministers Development Programme (TAMEIR)
 
v Rs. 933crore to be devolved to PRIs and ULBs under 14th FC grants.
 
v Outgo on pension including leave encashment and NPS during the year 2017-18 at Rs. 5000crore
 
v A provision of Rs. 25 crore for meeting cost of VRS/GHS in PSUs.
 
v The Gross State Domestic Product (GSDP) at current prices Rs. 151916crore, which would be equivalent to 14.9 % growth at current prices over the previous year. 
 
v Tax Revenue + Non-Tax Revenue at Rs. 25050crorehigher byRs. 1884crore  over the  revised target of Rs. 23166crore
 
v Tax revenue expected to grow by around 17 % over the current years RE.
 
v Budget structure given a developmental rather than a purely administrative orientation
 
v Move from the traditional Public Administrative Budgeting to a modern Public Management Approach.
 
v Budget Estimation, Allocation and Monitoring System” (BEAMS), online computerized system to distribute the budget and to authorize expenditure.
 
v Treasury System to be replaced by a functionally aligned Pay and Accounts Office (PAO) System.
 
v Budget control mechanism of audit and invoice checking strengthened at the department level.
 
v Integrated Financial Management System (IFMS) for online bill processing
 
v Finance Department and the Planning, Development & Monitoring Department will release 50 per cent of the revenue and Capex budget by 10th February, 2017 authorizing expenditure to be made from 1st April, 2017.
 
v The administrative departments/HODs/ executing agencies to complete procurement and tendering process by 15th May, 2017.
 
v For balance Sheet management of corporations, "recall and re-infuse" all the plan funds given so far to all these corporations to shore up the capital base.
 
v J&K SPDC to become a debt- free company with an equity base of Rs. 3,000 crore.
 
v Equity infusion of Rs. 532 crore to J&K Bank in two tranches for capital adequacy and growth financing.
 
v J&K Asset Reconstruction Company in partnership with the J&K Bank set up.  The State Government is a majority shareholder in this, while J&K bank holds 49 per cent.
 
v Comprehensive insurance scheme for nine crops including paddy, wheat, maize, apple, mango, saffron, pulses, and oil seeds against damages from most of the natural disasters including hail, floods, draught etc.
 
v Insurance of public assets and Government vehicles
 
v Cultural; Assets like Artefacts, rare manuscripts, paintings to be insured
 
v Social security net for welfare of the working class.
 
v For Construction and other Workers, cash credit facility up to Rs.10,000, accidental insurance cover of Rs. 2.00 lac, life insurance cover of Rs. 2.00 lac, health insurance cover of Rs. 30,000, with  premiums being paid by the Board on behalf of the workers.
 
v Manpower Audit for viviat all levels to suggest manpower rationalization
 
v Revision of all Recruitment Rules within one Financial Year to synchronize job requirements with commensurate educational requirement.
 
v Implementation of 7th Pay Commission for Government employees in cash from 1st April, 2018.
 
v Insurance cover be provided to all the serving employees of all categories in Government for a period of five years. Further, it be made optional for pensioners up to a cover of Rs. 6 lacs for the full family unit.
 
v Inventory management of land buildings, Machinery and Equipment.
 
v Convergence of all student scholarship schemes.
 
v Delinking of disbursement of salary from the source of funding of salary.
 
v Regularization on contractual basis of all those who have given their land to state Government.
 
v Change of nomenclature of Government employees at lower levels.
 
v Change of class categorization.
 
v Interest subvention scheme for public transport vehicle owners.
 
v Comprehension policy to protect conversion of land.
 
v Setting up of one Zoo each in Kashmir and Jammu.
 
v Creation of E-Commerce platform to link 20,000 artisans and weavers.
 
v 50% interest subvention for setting up of modern walnut processing units.
 
v Provision of Rs. 5.00 crore to establish CFC at lassipora.
 
v 50% interest subvention in bank loans to new tannery units.
 
v Rs. 2.00 crores for fur artisans rehabilitation.
 
v Creation of land compensation fund at the level of Deputy Commissioner.
 
v Setting up of “Airwaan-e-Sahaafat”, a Kashmir press centre.
 
v “All Terrain Mountain Bike” scheme for boys with a provision of Rs. 3.00 crore.
 
v Institute a football league and allocation of Rs. 2.00 crore.
 
v Setting up of “ShamasFaqeer Institute of Sufi and Folk Music” with an initial provision of Rs. 5.00 crore.
 
 
 
Tax Proposals:
v Extension of tax incentives for 2017-18.
 
v Incandescent bulbs to be placed in negative list.
 
v To make major check posts cashless.
 
v The J&K Passenger Tax Act 1963 shall be administered by the Transport Department.
 
v Increase advertisement tariffs.
 

 

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