Assam Chief Minister, Tarun Gogoi, who also holds the finance portfolio, presented a deficit budget for the state on 12 March 2012. The 293.44 crore Rupees deficit budget is aimed at appeasing the common man of the state.
The opening deficit of 1079.11 crore Rupees in 2012-13 financial year is expected to improve with an estimated closing deficit of 293.44 crore Rupees.
The minister announced a major tax concession of 13.5 per cent to five per cent for items including alcohol, honey, glucose and coal tar. He also gave major tax incentives to mega industries in the state.
Tourism which make up a fair part of state revenue was also given due preference in the budget as the minister announced exemption of luxury tax upto five percent from room tariff of less than Rs 1000 and rationalise the rate resulting to the loss of Rs three crore to the state exchequer.
A special package of 100 crore Rupees was announced for the over all development of flood ravaged Dhemaji district. The similar amount has been allocated to set up a "Mini Assam" at Sonapur which will demonstrate the rich cultural heritage of the state.
A digital photo and film archive in the name of legendary singer Late Bhupen Hazarika was also announced by the Chief Minister.
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