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The government proposes to achieve a growth rate of 22 per cent in tax revenue this financial year, Finance Minister T. M. Thomas told the Assembly on Friday.
Presenting the revised Budget for 2016-17, the Finance Minister announced a nine fold strategy to increase revenues.
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Thiruvananthapuram: “The State has been living on a financial lie,” declares the White Paper on State Finances tabled in Kerala Assembly by Finance Minister T. M. Thomas Isaac on Thursday.
The Paper accuses the previous United Democratic Government (UDF) of inflating Plan size and not providing for expenses in the annual budgets.
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The White Paper of State Finances, presented to the Assembly on Thursday, says that Kerala will have to ensure a sustained annual growth rate of 20 to 25 per cent in tax collection.
The State will have to gear up its tax machinery for this purpose. There was no escape from this conclusion given the limited range of fiscal choices available to the State.
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Thiruvananthapuram: The Assembly resumes its first session on Friday (June 24) with the Address by Governor P. Sathasivam, and the new government presents its revised Budget for 2016-17 on July 8.
Finance Minister T. M. Thomas Isaac, who is to present the revised Budget, will be dropping all the new proposals in the Budget presented by the previous government while retaining schemes included in the detailed Budget estimates. According to Dr. Isaac, the budgeted schemes could be reviewed by the ministers concerned later.
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