Ahmedabad:  Nitin Patel announces fourfold increase in 2016–17 Gujarat budget surplus to Rs1,051.62 crore

Ahmedabad: Gujarat deputy chief minister Nitin Patel on Tuesday pegged the government’s budget surplus for the ongoing fiscal year (2017–18) at Rs783.02 crore, while announcing a revised budget surplus estimate for fiscal year 2016–17 of Rs1,051.62 crore against its earlier estimate of Rs239.16 crore.

Revenue surplus rose from Rs1,704 crore in 2015–16 to Rs5,947 crore in 2016–17, although this was lower than the revised estimate of Rs6,065.6 crore. The surplus was used for developmental capital expenditure by the state, Patel said in his budget speech on Tuesday.

For 2016¬–17, the Gujarat government reported a budget surplus of Rs128.8 crore against its revised estimate of Rs1,342.93 crore as revenue receipts fell below expectations. Patel, who is also the state’s finance minister, said the budget estimate of revenue surplus for the 2017–18 fiscal year is Rs5,997.85 crore.

Tax revenue for the April 2017–January 2018 period rose 20.92 percent year on year.

The budget for the coming fiscal year is Rs1,83,666 crore, against Rs1,72,179 crore in 2017–18, Patel said.