'CAG pats J&K for bold initiatives in fiscal management'

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  1. ejazr

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    Oct 8, 2009
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    Hyderabad and Sydney

    Jammu, Mar 12 (PTI) Reiterating the claim that Jammu and Kashmir is moving in the right direction to minimise fiscal deficit, state minister Abdul Rahim Rather today said the CAG in its report has praised the state for doing well in implementing the FRBM Act. "Jammu and Kashmir has been appreciated for taking some bold initiatives in fiscal management...," Rather said while replying to the discussion on demand for grants for the next fiscal in the Legislative Assembly. Quoting the CAG's report for the year ended March, 2010, Rather said, "Jammu and Kashmir did well in introducing Fiscal Responsibility and Budget Management (FRBM) Act in August, 2006... "The state government took some important decisions like introduction of new pension scheme, bringing more items under the ambit of VAT and a host of other institutional and sectoral reform measures as announced in the annual budgets subsequently," he said, adding that the reforms undertaken have shown signs of improvement for the state. The minister rejected the observations of former state finance minister and PDP leader Muzzafar Hussain Baig that the state has not charted a road-map to contain debt liability. During his over one-hour-long speech, Rather also allayed apprehensions of some members that most of the tax revenue is collected from Jammu region. After the outbreak of militancy in Kashmir, most of the national, multi-national companies shifted their depots to Jammu, for which reason, the tax around Rs 500 crore collected from these places is shown in the Jammu region, he pointed, adding that their products are supplied to Kashmir and Ladakh. Highlighting the major achievements of the departments under his charge, Rather said that the Commercial Taxes Department has earned revenue of Rs 3,561 crore during the current fiscal as against the last year's Rs 2,504 crore. Referring to the VAT regime, Rather said J&K has been lauded for leading all the other states of the country in implementing this tax reform and added that computerisation of Department would be fully completed by April, 2013.
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