No new tax proposal in Chhattisgarh's budget

RAIPUR: The Chhattisgarh government has proposed no new taxes or any hike in existing rates in the budget for 2008-09, presented in the State Assembly on Saturday by Chief Minister Raman Singh.

"I am not proposing any new tax or increase in the current tax rate in the budget for 2008-09. I am rather making some items tax-free or reducing the current rate," Singh, who holds the finance portfolio as well, told the Assembly.

Presenting a deficit budget, he said the total revenue receipt for the next fiscal would be Rs 18,231.39 crore against the total expenditure of Rs 18,285.80 crore, resulting in a net deficit of Rs 54.41 crore.

Taking the previous deficit into account, he said, the total budgetary deficit would be Rs 820.25 crore.

This deficit would be covered though the financial management and additional resources, the Chief Minister added.