No new tax in Rs 164.72 cr deficit Budget

NAGALAND BUDGET 2006

Nagaland Chief Minister Neiphiu Rio today presented a deficit Budget for the year 2006-07 that was devoid of any new tax proposals.

Presenting the Budget, the chief minister projected the Budget deficit at Rs 164.72 crore, but exuded confidence to mobilise internal sources to the tune of Rs 210 crore by strengthening the tax administration in the state.

Rio, who also holds the finance portfolio, projected the revenue receipts during the year at Rs 3,599.61 crore against estimated expenditure of Rs 3,473.83 crore. An additional amount of Rs 27 crore has been fixed as an annual outgo on account of public account, leaving a Rs 98.78 crore surplus.

But with the estimated negative opening balance of Rs 263.50 crore, the coming year would end up with a deficit of Rs 164.72 crore. Rio put the next year's target of the state's internal revenue collection at Rs 210 crore as against the budgeted estimate of Rs 185 crore during the current year, registering a growth of over 13 per cent.

The chief minister said if the healthy growth of state's economy could be sustained, and with better commitment from those concerned, the revenue performance of the state would surely see more improvement.