Shillong, March 19 (IANS) Meghalaya Chief Minister Mukul Sangma Monday presented a Rs.382 crore deficit budget for the 2012-13 financial year.
Sangma, who holds the finance portfolio, levied fresh taxes on Indian Made Foreign Liquor and raised the rate of Value Added Tax on tobacco and tobacco products.
“For 2012-13, I have estimated the total expenditure at Rs.7,601 crore, an increase of 21.3 per cent over the current year. Excluding repayment of loans and other liabilities, the estimated total expenditure during 2012-13 will be Rs.7,381 crore, of which revenue expenditure is estimated at Rs.5,964 crore and capital expenditure at Rs.1,596 crore,” he said.
Sangma pegged the total non-plan expenditure at Rs.3,189 crore, which saw an increase of 12 percent from the budget estimate of 2011-12.
To raise additional funds for meeting increasing developmental expenditure, Sangma proposed to enhance the rates of licence fees for all categories of excise licences.
He also proposed to seek Rs.6,943.56 crore from international funding agencies like the International Fund for Agricultural Development (IFAD) for new externally-aided development projects in the State.