Punjab's budget of Rs.2.40 Trillion presented for 2020-21

Punjab's budget of Rs.2.40 Trillion presented for 2020-21

Punjab's budget of Rs.2.40 Trillion presented for 2020-21

Lahore: The provincial government of Punjab has presented a budget of Rs. 2.40 trillion for the financial year 2020-21. The meeting of the Provincial Assembly saw loud noises and chanting of slogans by the opposition. Finance Minister Hashim Bakht Jawan while addressing the budget meeting of the Provincial Assembly said that Rs. 106 billion has been allocated for Corona Relief. The Provincial Minister said that we had sought suggestions and recommendations from the people for next year's budget. In the light of which steps have been taken, he said that in the budget for the next financial year, it is proposed to reduce the sales tax on more than 20 services from 16% to 5%. Suggest to receive it.
Hashim Bakht Jawan said that an additional Rs 10 billion has been set aside in the budget of local governments. He said that despite all the economic difficulties, we have tried not to reduce the development budget so that Rs 337 billion has been allocated for development projects. Being done. The provincial finance minister said that we are trying to present such projects in the next financial year which will provide employment to the people. In this regard, Rs. 15 billion is being allocated for the community development program.

In his budget speech, he said that Rs. 6.86 billion is being allocated for vocational training of youth to facilitate business, Rs. 4.90 billion is being allocated for skills development. He said that 10 districts of Punjab Various projects worth over Rs 2 billion will be launched for the Poverty Alleviation Program. Hashim Jawan Bakht said that more than Rs 5 billion has been allocated for those living below the poverty line in Punjab. He said that a huge amount has also been included in the budget for the up-gradation of schools and it is the first government in which 1200 schools have been upgraded.
He said that it was proposed to set aside Rs. 4 billion for dealing with locusts and other natural calamities, out of which Rs. 1 billion would be provided to the Provincial Disaster Management Authority. A hefty sum of Rs. The provincial minister said that we had sought suggestions and recommendations from the people for next year's budget in the light of which steps have been taken to allocate Rs. 280 billion for the health sector in Punjab's budget. A total of Rs 388 billion has been proposed for education, Rs 73 billion for road and transport, and a record reduction in sales tax on services.

It has been recommended to keep the volume of development budget in Punjab at Rs. 337 billion. To allocate Rs. 23 billion for development projects in the constituencies of Provincial Assembly members and Ministers. Rs. 76 billion in households

Allocating Rs.184 billion for ongoing projects, overcoming the deteriorating economic situation due to Coronavirus and allocating Rs. 23 billion development budget for financial assistance to small and big businessmen and projects under public-private partnership in Punjab. The cost of completion is estimated at Rs 25 billion.
To allocate Rs.31 billion in the name of block allocation for provincial development projects, Rs. 34.5 billion for education, Rs. 33.6 billion for the health sector, Rs. 2 billion for water supply in Punjab. It has been proposed to provide Rs. 50 crore while for the development of women's sector, 50% of the budget has been cut in the new financial year as compared to the budget allocated for the current financial year.

In the new financial year, it is proposed to allocate Rs. 40 crore for the development of women, to take property tax in two installments, to impose 5% tax on credit card payments to beauty parlors, to allocate Rs. 319 billion for school education. Has gone. Similarly, the volume of the current expenditure is estimated at Rs. 1778 billion, development expenditure is estimated at Rs. 337 billion, Rs. 133 billion is estimated to be received from donor agencies, Rs. 25 billion is estimated to be received from non-financing. Account Two (Food) is estimated to receive Rs 331 billion.

1433 billion in distributable revenue, Rs. 333 billion in salaries, Rs. 2 trillion 50 billion in pensions, Rs. 4 trillion 48 billion in PFC 1.25 billion for Punjab Revenue Authority, 56 billion for Board of Revenue, 32.4 billion for excise, 6.8 billion for energy, 70 billion for transport, 124.4 billion for primary and secondary health, 119 billion for police and 13.8 billion for Punjab police. An additional grant has been released.

280 billion for the health sector, a total of 388 billion for the education sector, 1 billion against the revised budget in the education sector, 33 billion for the development of the education sector, while 6 billion against the revised budget in the health sector budget. It is proposed to allocate a total of Rs. 33 billion for the health sector, Rs. 73 billion for the road and transport sector, and Rs. 17 billion for the development budget of the Irrigation Department.

Income 5% will be levied on marriage halls, ceremonies and lawn and venue decorations, health care gym, fitness center, property dealer, rent a car service, cable operators, automobile dealers, apartment management will also be charged 5%. Laser clinics, education franchises, IT sector will also be taxed at 5 percent, restaurants, and beauty parlors at 16 percent on cash payments and 5 percent on credit card payments.

16% tax on health insurance abolished in budget Budget on rooms of hotels and guest houses was reduced to 5% in the year 2020-21. Like the federation, the Punjab government has not increased the salaries and pensions of government employees. And the pensions of retired employees will remain the same as last year. Cabinet members demanded an increase in salaries and pensions, but the finance ministry denied that such an increase was possible in the current economic situation.

www.365-newz.com


The budget will also propose special measures to mitigate the worst effects of Corona, tax relief for 23 sectors, 1 direct and 10 indirect measures, reduction in sales tax on services, and collection of property tax in two installments. , Hospital bed and room charges, 16% tax on health insurance will be abolished, rooms on hotels and guest houses will be reduced to 5%.

A policy of focusing on education, health, and employment has been adopted. An emergency program has been formulated by the provincial government to curb the coronavirus and the economic situation created by it. Billion has been proposed to be allocated. Irrigation Department proposes to allocate Rs 17 billion for development budget, Rs 1 billion less than the revised budget in the water supply sector, Rs 11 billion in the budget for the water supply sector, Rs 65.8 crore for state trading and sugar

An additional grant of Rs.100 billion will be invested under a public-private partnership. 23 sectors will get tax relief to reduce the impact of Corona and more than 43 billion has been arranged to deal with Corona. Businessmen and citizens will be affected after the lockdown. A relief of Rs 18 billion has been given for the financial year. Similarly, in the financial year 2020-21, a 4% tax has been imposed on taxi services Uber, Careem, and others.

                                            #PunjabBudget2020-21


Comments

Popular posts from this blog

Provincial capital on massive hit by Covid-19; Government made big decision

Lahore's biggest Cattle market will be set up in LDA city

Corona Virus V/S World Lock-down