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Giving
this information here on Sunday, an official spokesman
said that maximum collections under Value Added Tax (VAT)
and flow of investment to the state in view of congenial
and industry friendly approach of the state government had
also contributed a lot in this growth of revenue
generation.
He
said that the overall revenue generation went upto
Rs.19186 crores during 2007-08 which was Rs. 17952 crores
in year 2006-07. In fact from 2003-04, the revenue
generation has seen an upward trend in Haryana as total
revenue in 2003-04 was Rs. 9843 crores. It went upto Rs
11,149 crores in 2004-05 and Rs. 13, 853 crores in 2005-06
and Rs 17, 952 crores in 2006-07. in 2007-08, at Rs 19186
crores, it was almost double of year 2003-04 revenue
generation figure.
The
spokesman said that a major contributor to revenue had
been VAT. The state collected Rs 6708 crores VAT in
2007-08 as against Rs 5312 crores in 2006-07. This works
out to about 25 per cent. Revenue generation from other
sources also went up all these years. In year 2003-04,
revenue from Excise Duty collection was Rs 923 crores
which went up to Rs 1013 crores in 2004-05, Rs 1107 crores
in 2005-06 and Rs 1350 crores in 2007-08. The new Excise
Policy was also a major factor of this increase in the
revenue generation.
He said that similarly in stamp duty collection the state
saw a big push as revenue went up from Rs 696 crores in
2003-04 to Rs 727 crores in 2004-05, Rs 1340 crores in
2005-06, Rs 1765 crores in 2006-07 and Rs 2000 crores in
2007-08 while non-tax revenue saw a surge from Rs 144
crores in 2003-04 to Rs 318 crores in 2004-05, Rs 714
crores in 2005-06, Rs 2562 crores in 2006-07 and Rs 1900
crores in 2007-08.
He
said that about the financial prudence and steps taken by
the Haryana Government under the able guidance and
leadership of the Chief Minister, Bhupinder Singh Hooda
for generating revenue, the State Government claimed that
the Eleventh Finance Commission had suggested Medium Terms
Fiscal Reforms Plan (MTFRP) and by adopting the same, the
Govenrment received incentive grant of Rs. 55.17 crore and
debt relief of Rs. 74.48 crore in March 2005. Again on the
recommendation of the Twelfth Finance Commission (TFC),
the State Government enacted the Fiscal Responsibility and
Budget Management (FRBM) Act in the year 2005.
In
pursuance of FRBM Act, 2005, the Scheme of reschedulement
of Central Loans and reducing interest rate to 7.5 per
cent would provide a financial benefit to the State
Government to the extent of Rs.645.96 crore during 5 years
2005-10, comprising less repayment by Rs. 258.30 crore and
interest relief of Rs.387.66 crore.
The
spokesman said that the State Government would also be
eligible to receive the benefit of Rs. 581.43 crore on
account of Debt Waiver Scheme under which all the
repayment of Government of India loans from the year
2005-10. The State Government has constituted Resources
Mobilization Committee to increase resources of the State.
The
State Government is pinning high hopes from the Union
Budget and higher devolution of funds in view of better
compliance of direct taxes and improvement in indirect
taxes, he added.
The
spokesman informed that Haryana was targeting 12 per cent
growth in the Gross State Domestic Product (GSDP) in
2007-08 which would be above the National Growth rate
pegged at about 9 per cent. According to advance
estimates, the GSDP of Haryana State at constant
(1999-2000) prices for the year 2007-08 has been estimated
at Rs 101319.42 crore out of which the contribution of
primary, secondary and tertiary sectors is Rs 21265.92
crore, Rs 30919.95 crore and Rs 49133.55 crore,
respectively.
He
said that the GSDP of the State was expected to increase
to the tune of Rs 124045.95 crore durng the year 2009-10
out of which the contribution of primary, secondary and
tertiary sectors would be Rs 23001.22 crore, Rs 39411.56
crore and Rs 61633.13 crore, respectively.
Source
: PunjabNewsline.com -
Nagar,Punjab,India, dated 03/02/2008
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