General:
Total receipts Rs 42137 Cr
Revenue Receipts Rs 37814 Cr
Capital Receipts Rs 4323 Cr
Own Tax Revenue estimated at Rs 8006 Cr
Share of Central Taxes up at Rs 8088 Cr against 4477 Cr in 2014-15
Revenue Deficit Grants of Rs 9892 Cr against Rs 2096 Cr in 2014-15
Revenue Expenditure (RE) to touch Rs 35227 Cr
Capital Expenditure (CAPEX) accounts for Rs 11246 Cr
Rs 499 Cr to be devolved to PRIs and ULBs
Earmarked provision of Rs 2200 Cr for DA to employees, pensioners
Rs 154 Cr provision for 10% Employer’s share under New Pension Scheme
Rs 1017 crore allocation for District Sector Capital Expenditure
Budgetary Reforms:
Change in the structure of state budget, reorganised under Revenue and Capital
Plan and Non-Plan classifications discarded
Separate Power Budget from next Fiscal
Use of borrowings for creation of Capital Assets only
Employee welfare initiatives
DA pending March 31 2015 shall be credited into the G.P. Fund account of the employees while DA will be paid in cash from April onwards. All employees covered under the New Pension Scheme (NPS) and pensioners will, however, receive the arrears in cash.
The Revenue Component of erstwhile Plan shifted on Revenue Account addressing the long pending demand of employees borne on Plan Budget.
Women employees of the State should be treated at par with Central Government Employees with regard to admissibility of Child Care Leave.
Government to announce a High Power Committee of Ministers and some external experts, to confront with a gigantic problem of regularization of more than sixty one thousand workers engaged on casual basis.
Issues and Initiatives
Waiving off Demand Charges on electricity from September 2014 to March 2015
Exemption of Passenger Tax on vehicles which remained off road due to floods from September to December 2014
Remission of stamp duty chargeable in case of instruments/documents executed between borrowers and the lending financial institutions on the fresh loans advanced by such institutions to the persons affected by the floods to be extended up to March 31, 2016.
Exemption under the GST in respect of lodging services provided by hotels, lodges and guest houses to be extended up to end March, 2016.
Exemption to all hoteliers from payment of entry tax on furniture/office equipment/kitchen equipment/other goods imported into the state for replacement and refurbishment till June 2015.
Waiving off 50 per cent of the KCC loans for the smallest and most vulnerable farmers who have an outstanding balance of less than ` 1 lakh, for this purpose ` 150 crore are earmarked.
Introduction of Gold, Silver and Bronze Cards for certain categories of registered dealers, so as to recognize traders of repute.
Contemplation of amnesty under GST Act, 1962 for waiving of interest and penality.
Setting up an Alternative Dispute Resolutions Tribunal (ADRT) which will be empowered to speed track the settlement of all these cases.
VAT exemption on Paddy, Rice, Wheat, Pulses, Floor, Atta, Maida, Suji & Besan to continue upto March, 2016.
Exemption of toll on export of fresh vegetables.
VAT remission for local industry to continue for another year.
Tax on Aluminium foil as packaging material reduced from 13.5% to 5%.
“Tree Spray Oil” placed as an agriculture product @ zero percent tax rate.
Exempt baby diapers, adult diapers and female sanitary napkins from VAT.
Almonds and its kernels in zero per cent tax rate, on the analogy of walnut and walnut kernels.
“Aabiyana” abolished.
Business Process Re-engineering, financial restructuring and administrative reorganization of the ailing PSEs.
Setting up of an Asset Reconstruction Company in partnership with the J&K Bank and formulate a revival package where it feels that the revival of stressed assets is possible.
To float a Dal Development Bond for restoration of the Dal lake.
Setting up of Pesticide Regulation Authority which will approve and monitor all the pesticides that go into J&K.
Incentivization of any reputed international firm to set up a unit in the valley where most of this distress has been felt.
Introduction of “loss of revenue insurance cover”.
Contribution of Rs 1000 per month on behalf of every new born girl child for the next 14 years and on reaching 21 years she would receive around Rs 6.5 lakhs
New Scheme “Aasra”, only for widows or destitute women with no source of income. A zero balance saving account, life insurance of RS 25,000, an accident cover of Rs 25,000, sickness and disease cover of Rs 5000 and maturity/survival benefits of Rs 25,000 after 5 years
A scheme to provide succor to 50,000 widows and destitute women of the state and to provide Rs 100 crore for this purpose in the form of an insurance cum saving scheme.
J&K State Family Benefit Scheme, wherein families whose income doesn’t exceed Rs 75,000 per annum and who lose their breadwinner and are not covered under any other benefits will get a one-time financial assistance of Rs 40,000. A provision of Rs 20 crore is being made for this scheme.
Existing rate of sales tax in lieu of services enhanced by 2%.
Levy of 5% VAT on computers and computer peripherals.
A uniform tax rate of VAT of 13.5% on inverters and UPS.
A modest increase of five paisa per Kilogram in the existing rates of toll.
