Patna,(BiharTimes): Bihar finance minister Abdul Bari Siddiqui on Monday presented a Rs 1.6 lakh crore budget for 2017-18 with no proposals of any fresh tax. This is the fifth successive year that the government placed a revenue surplus budget of Rs 14,555.59 crore.
Stressing that note ban has affected the economy but total prohibition has given a boost to the economy.
The surplus, according to Siddiqui, would be utilised to generate productive assets like roads, buildings, electricity, education, health and irrigation schemes.
The fiscal deficit has been estimated at Rs 18,112 crore, which is 2.87 per cent of the gross state domestic product (GSDP) estimated at Rs 6,32,180 crore.
According to Siddiqui fresh tax has not been proposed because of the expected rollout of the Goods and Services Tax (GST). The Centre has assured the state that GST would be rolled out shortly.
The finance minister said the quality of life in rural homes has improved because the family incomes have grown because of liquor ban.