West Bengal Budget aims at 13.5 pc rise in tax collection

Feb 17 2014, 19:27 IST
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The Budget has also reduced the interest rate on delayed payment of stamp duty from two per cent to one per cent. Reuters The Budget has also reduced the interest rate on delayed payment of stamp duty from two per cent to one per cent. Reuters
SummaryThe Budget has also reduced the interest rate on delayed payment of stamp duty from two per cent to one per cent.

With the revenue generation figure touching almost Rs 40,000 crore (revised estimates) during this fiscal, the West Bengal Budget for 2014-15 has set a tax collection target of Rs 45,400 crore, a rise of 13.5 per cent.

State Finance Minister Amit Mitra, while presenting the Budget in the assembly today said: "We take up the challenge of generating more resources."

Mitra in his Budget speech said the Centre has dealt a body blow to the state's finances by blocking CST compensation to West Bengal to the tune of Rs 3,783 crore and Rs 850 crore from devolution fund.

Without altering much the taxation rates, Mitra said additional stamp duty of one per cent on properties exceeding Rs 25 lakh has been waived by raising the ceiling in excess of Rs 30 lakh.

The Budget has also reduced the interest rate on delayed payment of stamp duty from two per cent to one per cent.

The annual financial statement had also withdrawn the rural employment and eduaction cess for tea industry workers.

The state Plan outlay for 2014-15 had also been raised by 15.65 per cent at Rs 30,847 crore.

Mitra later told reporters the Budget has laid focus on job creation and voluntary tax compliance.

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