AIZAWL, March 15 - Mizoram Finance Minister Lalsawta today presented a Rs 9.492.38 crore surplus State annual Budget for the 2018-19 fiscal and supplementary demands for grants for the current year (2017-18) amounting to Rs 2,286.35 crore in the State Assembly.
Lalsawta, in his Budget speech, said that the financial condition of the State had improved after observing years of consolidation and the 2018-19 Budget is free from deficit, but rather has a surplus to the tune of Rs 428.49 crore.
A sum of Rs 1,000 crore was allocated for the Government�s new flagship programme, New Economic Development Scheme (NEDP), Lalsawta said, adding that the NEDP was formulated to promote transition from subsistence economy to market economy.
An amount of Rs 80 crore was allocated for continuation of the New Land Use Policy (NLUP), the flagship programme of the present Government, to provide financial assistance to around 8,000 families, enabling the beneficiaries to have a sustainable source of livelihood, he said.
He said that the debt to Gross State Domestic Product (GSDP) of the State has declined from 54.46 per cent during 2016-17 to 40.87 per cent for the year 2017-18.
A sum of Rs 40 crore was allocated under the Members of Assembly Local Area Development Scheme for 40 legislators.
According to Lalsawta, the total amount of fund to be received through collection of own tax revenue for 2018-19 is Rs 807.19 crore, an increase of 16.2 per cent from last year. Of this, Rs 483.34 crore is expected through tax revenues while Rs 323.85 crore is expected from non-tax revenues.
He also said as per the 14th Finance Commission, Rs 3625.32 crore is projected to be devolved to the State, which incorporates taxes to be received on account of GST.
The total revenue receipt of the State for 2018-19 is projected at Rs 8,909.43 crore. Out of the expected receipts, funds to be received on account of ULB Grant, SDRF and Block Grants are tied funds intended to meet specific targets, he said, adding that the total amount of funds to be received on account of EAP, NLCPR, NEA and CSS cannot be completely relied on as they have the tendency to vary.
Taxes on sales/trades are the major source of the State�s own collection during the last fiscal. Lalsawta said Rs 307.80 crore is expected from this source in the 2018-19 fiscal. Taxes from liquor also contributed huge revenue to the State�s exchequer. Lalsawta said Rs 51.50 crore has been collected from liquor, and Rs 59.40 crore is expected during 2018-19. The Mizoram Government lifted total prohibition and replaced it with the Mizoram Liquor (Control & Prohibition Act) 2014 that allows opening of liquor shops.
