Assam govt presents Rs 2.63 lakh crore budget for FY'26; benefits for taxpayers, tea industry

Guwahati, Mar 10 (PTI) The Assam government on Monday presented a Rs 2.63 lakh crore budget for the 2025-26 fiscal, with a deficit of Rs 620.27 crore, proposing to exempt professional tax on a monthly income of up to Rs 15,000 for all salaried individuals in the state, where assembly polls are due early next year.

Finance Minister Ajanta Neog, presenting her last full budget for the fiscal, also announced to extend the tax holiday for green tea leaves for two more years to alleviate the challenges faced by the tea industry.

Neog said to support the hardworking middle-class families, the budget proposes exemption on professional tax for individuals earning up to Rs 15,000 per month under the Assam Profession, Trades, Callings and Employments Taxation Act, 1947.

"This will benefit more than 1.43 lakh taxpayers/families and boost their purchasing capacity," she said.

"I also announce extension of tax holiday on green tea leaves under the Assam Taxation (on Specified Lands) Act, 1990, for another two years with effect from January 1, 2025," Neog said.

Assembly elections in Assam are likely to take place during March-April next year, making this the last full budget of the Himanta Biswa Sarma-led second BJP government in the state.

"The budget estimates of 2025-26 show a receipt of Rs 1,55,428.75 crore under the consolidated fund of the state... After adding the receipt of Rs 1,05,485.17 crore under the public account and Rs 2,000 crore under the contingency fund, the aggregate receipts amount to Rs 2,62,913.92 crore," she said.

The total expenditure from the consolidated fund in 2025-26 is projected at Rs 1,55,985.14 crore. Taking into account the expenditure of Rs 1,02,974.10 crore under the public account and Rs 2,000 crore under the contingency fund, the aggregate expenditure for the year is estimated at 2,60,959.24 crore, the minister said.

"Thus, projected transactions during the year will result in an estimated surplus of Rs 1,954.68 crore. This, together with the opening deficit of Rs 2,574.95 crore, will lead to a budget deficit of Rs 620.27 crore at the end of the financial year 2025-26," Neog said. PTI TR RBT

Source: PTI