Mizoram government has proposed no new taxes, or any increase in the rate of the existing taxes in the Rs. 3,325-crore vote-on-account placed in the Assembly on Tuesday for the first four months of the next fiscal.
In his budget speech, state Finance Minister Lalsawta estimated the deficit in the current fiscal at Rs. 340.80 crore, but said that it was expected to come down to Rs. 299.63 crore by the end of the next fiscal.
Mr. Lalsawta delivered the speech in Mizo language, a first by any state finance minister.
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He emphasised the need for improvement and augmentation of the state’s own tax and non-tax revenues and cutting down on non-plan revenue expenditure whenever possible.
“As and when the annual plan for 2014-15 is finalised, I will seek approval of this august House for the regular budget,” the Finance Minister said.