Projecting a rosy picture of the State's finances, Andhra Pradesh Finance Minister Anam Ramanarayana Reddy today presented a tax-free Budget of Rs 1.45 lakh crore for 2012-13 with an estimated revenue surplus of Rs 4,444 crore and fiscal deficit of Rs 20,008 crore. As has been the norm for the past few years, no new taxes have been proposed as such in the Budget though in practice different taxes are being enhanced subsequently during the financial year. A case in point is the enhancement of value-added tax (VAT) on various products from 4 to 5 per cent which earned an extra Rs 3,000 crore to the Government this fiscal year.
Source: Outlook India
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