Monday, March 5, 2012


March 05 2012 (Only Kashmir)
_ Fiscal Deficit in 2010-11 at 4.3% of GSDP against a target of 5.3% fixed by 13th Finance Commission.
_ Tax Revenue Collection in 2011-12 to touch ` 4800 crore; a 38% growth over the previous year.
_ Collections under Commercial Taxes alone up by ` 1057 crore; improvement of 42%.
_ GSDP in 2011-12 at 6.8% as compared to 6.9% at national level.
_ ` 130 crore for return and rehabilitation of Kashmiri migrants.
_ Provision of ` 46 crore for completion of two room tenements for Kashmiri migrants under PMRP.
_ ` 8 crore set apart for migrants’ group mediclaim insurance.
_ ` 90 crore for Sher-e-Kashmir Employment & Welfare Programme for
the Youth.
_ Provision of ` 26 crore to meet cost of VR/GHS in PSUs.
_ ` 21 crore for welfare of Scheduled Castes and OBCs.
_ Rehbar-e-Talim to get uniform remuneration of ` 3000/- per month
from 1st April, 2012.
_ Remuneration of Nambardars and Chowkidars enhanced to ` 751/- and ` 750/- per month from 1st April, 2012.
_ ` 40 crore under Tribal Sub-Plan.
_ A provision of ` 18 crore for welfare of Gujjars & Bakerwals.
_ ` 16 crore for welfare for Pahari Speaking people.
_ ` 49 crore under Rashtriya Shram Vikas Yojana.
_ ` 5 crore provision for ‘Beti- Anmol’ scheme.
_ ` 10 crore for empowering skilled young women.
_ ` 16 crore for training of women in Handicrafts and Handlooms trade.
_ Housewives not to pay VAT on domestic cooking gas.
_ Girl students in 97 Educationally Backward Blocks belonging to BPL
families exempt from making contribution to local funds of the
concerned Govt. Higher Secondary Schools.
_ Woman candidates belonging to BPL families seeking Govt. jobs exempt from payment of application fee and/or examination fee to
Govt. Recruitment Agencies.
_ Exemption from levy of VAT on all types of chemical fertilizers, biofertilizers and micro - nutrients.
_ Fungicides also exempt from levy of VAT.
_ Insurance services covering agriculture, horticulture crops exempt
from service tax.
_ Insurance services providing cover to cattle wealth, poultry, birds,
fish, sheep, goat and dairy units also exempt from service tax.
_ ` 721 crore for expanding irrigation network in the State.
_ Investment of ` 343 crore in Agriculture Sector for improving seed
replacement rate, farm mechanization, post harvest management and
marketing facilitation of fruit, vegetable, commercial floriculture and
sericulture produce.
_ Devolution of ` 195 crore under 13th Finance Commission, ` 53 crore
under State Plan and ` 5 crore under Non-Plan to PRIs. Total
availability of about ` 1531 crore for PRIs including funding under
various Central Schemes.
_ Earmarked provision under Thirteenth Finance Commission and MGNREGA to address accommodation deficit of Panchayat Ghars.
_ List of areas and locations qualifying for incentives under ‘Tourism
Package’ liberalized and expanded.
_ 30% capital outright investment subsidy on fixed assets created by
new investments subject to a maximum of ` 30 lakh.
_ Capital investment subsidy limit raised to ` 100 lakh in case of prestigious units investing ` 25 crore or more.
_ Addition of minimum one third of existing bed capacity by units to
also qualify for capital subsidy.
_ Full reimbursement of cost of preparation of DPRs.
_ Stamp duty remission on mortgages to the extent of ` 50,000/-.
_ Insurance cover cost subsidized upto 60%.
_ Cost of DG Sets subsidized upto 75%.
_ Paying Guest Houses eligible for 40% Capital Subsidy.
_ 50% subsidy on equipment for adventure tourism, kitchen and
related appliances.
_ 50% subsidy also on tourist coaches, air-conditioning, office automation.
_ Reimbursement of 50% cost incurred on Managerial training.
_ ATTA, MAIDA, SUJI, BESAN, RICE, PADDY outside VAT net for one
more year.
_ Tax concessions to industrial units extended for further one year.
_ Concessions and exemptions enjoyed by Tourism Sector to continue for yet another year.
_ Besides exemption of Water Usage Charges for ten years,
Independent Power Producers also to enjoy exemption of entry tax
on import of all power generation and transmission equipment,
building material and construction equipment for the hydel projects.
_ All IT institutes, IT Coaching Centres and IT educational institutions
brought outside the perview of service tax.
_ Service tax exemption for private hospitals, nursing homes, diagnostic
centres, pathological services to human beings and animals.
Exemption benefits passed on to the suffering patients.
_ Electric blankets exempt from levy of VAT.
_ ‘Job Works’ done by registered industrial units for other registered
industrial units in the State exempt fully from VAT.
_ Scientific equipment, critical chemicals and reagents used by Central
and State Govt. Research & Development Institutes insulated from
charging of VAT.
_ Stamp duty on hypothecation deeds reduced by half and maximum
limit reduced from ` 5 lakh to ` 50,000/-.
_ Maximum limit of stamp duty on equitable mortgage also reduced from ` 5 lakh to ` 50,000/-.
_ Tax Clearance Certificate given to Contractors to remain valid for one
full financial year and not NIT specific.
_ Payment of Security and registration renewal fee by contractors
waived off.
_ In view of indigent circumstances of beneficiaries, over 100 old
defarcation cases by SC, ST and physically challenged groups to be
given amnesty by State Financial Corporation.
_ Grievance Redressal Committee of Govt. functionaries and representatives of Trade Bodies for resolution of tax law related conflicts.
_ Desktops, laptops, palmtops etc. exempt from VAT.
_ Computer peripherals like pen-drives, CDs, memory cards, chips
headphones, electronic diaries, computer cleaning kits and other IT
peripherals also exempt from VAT.
_ Stationery items like adhesive solutions, gum pastes, lapping
compounds, epoxies, resins, tapes, tags, markets, sealing wax, paper
envelopes, pencils, crayons, highlighters, erasers, sharpeners, pencil
boxes, ‘takhti’ etc. exempt from levy of VAT.
_ VAT on sales of cigarettes and other related products further hiked to 30%.
_ Sales Tax on IMFL, beer etc. also enhanced to 30%.
_ Security and Placement Services, Pandal and Shamiana Services,
Annual Maintenance Contracts brought under Service Tax net.
_ Five paisa per kilogram increase in the rate of toll.
_ ` 250 crore for special development needs of Jammu and Ladakh
_ Provision of ` 194 crore under Constituency Development Scheme.
_ Investment of ` 455 crore in Energy Sector.
_ ` 682 crore for Roads infrastructure.
_ ` 191 crore for construction of new/model degree colleges.
_ Availability of ` 534 crore worth upgradation grants under 13th
Finance Commission for various development activities.
_ ` 369 crore for ERA projects.
_ ` 105 crore under PMRP for completion of Mughal Road.
_ ` 148 crore for development of Leh and Kargil Districts.
_ A provision of ` 125 crore for Border Area Development.
_ Estimates of Total Receipts (TR) – ` 33853 crore.
_ Estimates of Total Expenditure (TE) also at ` 33853 crore.
_ Revenue Expenditure (RE) including Security Related Expenditure
(SRE) – ` 24990 crore, Capital Expenditure (CAPEX) – ` 8863 crore.
_ Non Plan Revenue Expenditure (NPRE) consumes ` 23548 crore.
_ Expenditure on salaries and pensions gallops to ` 16140 crore.
_ A provision of ` 903 crore to disburse second installment of
Pay/Pension revision arrears.
_ Annual Plan 2012-13: ` 7300 crore. PMRP at ` 700 crore.
_ Plan Revenue Expenditure (PRE) estimates at ` 1412 crore. Plan
Capital Expenditure (PCE) ` 6588 crore.
_ State share of ` 1000 crore in Plan to access over ` 2500 crore
funding under CSS and various flagship programmes.
_ ` 50 crore provision in 2012-13 for 10% Employer’s share under New Pension Scheme introduced from January, 2010.
_ ` 658 crore provision for Urban Local Bodies, Universities and other
autonomous bodies / institutions for supplementing their revenue
expenditure requirements.
_ Further ` 2 crore contribution to the corpus of Cancer
Treatment and Management Fund.
_ Growth target of 7.5% for 2012-13.
AUSTERITY MEASURES to be continued during 2012-13.
(Brought you by Only Kashmir)


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