Without proposing any new taxes, Nagaland Chief Minister T R Zeliang has presented a Rs 225 crore surplus budget for 2016-17. Presenting the budget in the ongoing session of the State Assembly, Zeliang, who also holds the Finance portfolio, estimated the gross receipts for the financial year at Rs 13,870.98 crore and gross expenditure at Rs 13,645.98 crore.
With the negative opening balance of Rs.1, 419.35 crore, 2016-17 fiscal was estimated to close with a negative balance of Rs 1, 194.35 crore. On the internal revenue collection during the current year, the Chief Minister revealed that the target has been put at Rs.665.06 crore, an increase of 12.15 per cent from last year.
‘Due to improvements made in some sectors, this figure has now increased by Rs 17.96 crore to Rs 683.02 crore in the Revised Estimates for 2015-16, which was an improvement of 15.18 per cent,’ he described, adding, ‘For the 2016-17 fiscal, the internal revenue collection was being estimated at Rs 776.90 crore, which was an increase of 16.82 per cent from 2015-16.’
The Chief Minister further informed House that during the current year, the deficit has been reduced by a projected amount of Rs 123.36 crore from the opening deficit of Rs 1542.71 crore.