Rs 8.35 billion AJK Council budget unveiled

Kashmir Affairs Minister Mian Manzoor Wattoo on Saturday presented Rs 8.352 billion Azad Jammu & Kashmir (AJK) Council budget for the fiscal year 2011-12.
Overall proposed receipts for tax and non-tax revenues has been estimated at Rs 6.192 billion and the shortfall of Rs 2.160 billion in expenditure and revenue would be bridged by provision of grant by the federal government, slashing non-development expenditure and receipts from Pakistan Telecommunication Authority (PTA) as well as increase in income tax.
The projected revenue collection included Rs 6 billion income tax, Rs 165.123 million non-tax revenue and Rs 26.877 million capital receipts. Of the total revenue collection of Rs 6.192 billion, Rs 4.635 billion, 80 percent income tax collection would be transferred to the AJK government as well as share of Rs 346.249 million for the last year collection. An amount of Rs 200 million refund of deduction made against the loan of Rs 1.4 billion @Rs 16 million per month would also be transferred to the AJK government through the Kashmir Council budget.
The Council''s development expenditure has been estimated at Rs 2.2 billion for the current fiscal year with operational expenses of Rs 970 million. The development expenditure for the on-going fiscal year included Rs 1.764 billion for the on-going projects, Rs 40.10 million for new projects and Rs 295 million for members'' development programme and Rs 100 million for block provision.
The shortfall of Rs 2.160 billion in expenditure would be met through Rs 90.234 million non-development savings, Rs 370 million receipts from PTA and Rs 100 million (20 percent) on account of increase in income tax collection. The federal government will provide Rs 1.6 billion grant to Kashmir Council for the current fiscal year.