fifty years ago March 1, 1968 Archive

Postal, telegraph rates raised

A steep rise in postal and telegraph rates and additional taxation to the tune of Rs. 65.73 crores are the highlights of the budget for 1968-69 presented to Parliament by the Union Finance Minister, Mr. Morarji Desai to-day [February 29, New Delhi]. The revised postal rates are expected to yield 24.70 crores. Total receipts for next year, on both revenue and capital accounts, are placed at Rs. 4410 crores after making adjustment for all the revenue proposals made in the budget total disbursements at Rs. 4700 crores, leaving an uncovered deficit of Rs. 290 crores. Mr. Desai said that he had reconciled himself to such a large deficit in the expectation that the economy would revive soon. Other features of Mr. Desai’s proposals are the outright abolition of Annuity Deposit Scheme and the Dividend Tax. The Annuity Deposit will go with effect from April 1. Mr. Desai reduced the surtax on Company’s profits from 35 per cent to 25 per cent. On the other hand, in order to straighten the finances of the Post and Telegraphs Department, Mr. Desai announced steep increases in postage on envelopes, inland letters, post cards, book packets and foreign mail. The Money Order commission and postal order charges are to be stepped up. Charges on telegrams, including Press Telegrams, will also be raised. Mr. Desai proposed excise duty for the first time on five articles, including consumer goods like confectionery and chocolates, embroidery end steel furniture. The basic excise duty on unmanufactured tobacco has been stepped up. The increase will affect consumers of tobacco in all forms. Duties on “luxury articles” like refrigerator and aAir-conditioners have been raised. Among industrial goods, jute manufactures will bear a much higher excise duty. Additional duty on petroleum products has been proposed, but they will not be passed on to the consumer.

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Printable version | Aug 13, 2020 9:28:04 AM |

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