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Multiple tax exemptions in TMC govt’s ₹3.21 lakh crore budget for Bengal
The budget has exempted the tea industry, tea estates and workers from paying rural employment cess, education cess and the agricultural income tax for the next financial year.
West Bengal finance minister Chandrima Bhattacharya on Friday presented a budget of ₹3.21 lakh crore for the fiscal 2022-23 while proposing tax exemptions for the tea industry, battery-operated and CNG-driven vehicles and real estate to stimulate certain sectors.
“The budgetary allocation has increased 3.8 times ever since the TMC government came to power in 2011. From ₹84,803 crore in 2010-11 it has increased to ₹321,030 crore in 2022-23. Despite the devastation by cyclones such as Yaas and Amphan and the Covid-19 pandemic, the revenue collection has shot up by 3.3 times from ₹21,129 crore in 2010-11,” said Mamata Banerjee, chief minister of West Bengal.
The budget has exempted the tea industry, tea estates and workers from paying rural employment cess, education cess and the agricultural income tax for the next financial year. Battery operated two-wheelers and four-wheeler electric vehicles and CNG driven vehicles have been exempted from paying registration fees and road tax for the next two years. The 2% rebate on stamp duty and 10% rebate on circle rate of land and property has been extended for another six months.
“Despite the fact that the revenue deficit at the national level has fallen alarmingly, West Bengal has a revenue deficit of 1.65% of the state’s GDP. Nationally the revenue deficit is more than 7%. In the budget we have given stimulus to certain sectors such as real estate, tea garden and MSME among others and given social security in other sectors,” said Amit Mitra, former state finance minister who is presently playing the role of principal chief advisor to the chief minister and the state finance department.
Revenue receipts are pegged at ₹1,98,047 crore, while the state government proposes to raise public debt to the tune of ₹1,14,958 crore.
Capital expenditure for the fiscal is estimated to be ₹33,144 crore, and revenue expenditure is pegged at ₹2,26,326 crore.
“This is a common man’s budget, farmer’s budget, budget of daughters and sisters, student’s budget, labourer’s budget, a green budget and a budget of social security. This will bring a smile on the faces of the people,” the chief minister added.
The opposition, however, staged a walkout and even attacked the state government alleging that the budget was nothing more than a political statement with no new announcements.
“This budget is nothing more than a political statement. It has no vision and no announcement of any new industry, hospital, road, bridges, and economic packages for hills, Sunderbans or Jangalmahal. This is because there is no election in the near future. There will be a series of announcements next year as the panchayat polls are scheduled in 2023 and Lok Sabha polls in 2024. The people of Bengal have been deprived and are feeling frustrated,” said Suvendu Adhikari, BJP legislator and leader of the opposition in the Legislative Assembly.
The chief minister also said that the Centre owes ₹90,000 to the state government and was not giving the state’s share of GST.
“Empty vessels make the most noise. The opposition can only walk out. They can never work out. Before they protest, the BJP-government at the Centre should return our money,” Banerjee said.
