MIRPUR: (APP) Unveiling the breakup of Rs.73.50 billion new fiscal year (2016-17) AJK Budget , AJK Minister for Finance Ch. Latif Akber has said that from total revenue collection, an amount of Rs 18850.00 million will be generated from state resources whereas Rs. 1200 million as water uses charges of Mangla Dam, Rs. 13,000.0 million as income tax from AJ&K Council and a share of Rs. 20,500.0 million will be collected from federal tax share .
The AJ&K Government had made known a Rs 73500.00 million revenue-oriented tax free budget here on Friday for the new fiscal year 2016-17 with recurring expenditures totaled to be around Rs. 61500.00 million with total revenue deficit (to be met by Federal government) of Rs 9,000 million.
In his detailed address in Azad Jammu Kashmir Legislative Assembly which met in the State Capital with AJ&K Speaker Sardar Ghulam Sadiq Khan in the chair late Friday, AJ&K Finance Minister Chaudry Latif Akbar said "an amount of Rs 12 Billion has been allocated for development sector with Rs. 61500.00 million recurrent budget for the coming fiscal year," he clued-up the House.
The AJ&K lawmakers were informed that the government has geared up the budget within available resources. In his key note address to the AJ&K Legislators, he revealed that health and education were the major sectors which have been focused in the budget for the coming year.
The AJK Finance Minister revealed that recurring budget for the fiscal year 2016-17 has been estimated as Rs. 61,500.0 million and the sectors from which government is likely to generate income is estimated are as follows ; 5,750.0 million from Provincial Excise, 92.00 million from Land Record and Settlement, Rs. 160.00 million from Stamps, Forest 336.00 million, Jails 0.300 million, Administration of Justice 80.00 million, home department 45.00 million, education 142 million, health 80.00 million, agriculture 4.00 million, animal husbandry 35.00 million, Industries, Labor & Minerals 45.00 million, Sericulture 3.000 million, miscellaneous 570.700 million, Communication and Works 200.00 million, Electricity 10500.0 million, Printing Press 25.00 million, Armed Services board 20.000 million, Religious Affairs 40.00 million, Food 640.00 million, Tourism, Wild Life & Fisheries are estimated to contribute Rs. 57.00 million.
The Minister for Finance told the House that total revenue generation has been estimated as 61,500.0 million with Rs. 9,000 million deficits which will be met by the federal government.