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Finance Minister K. Rosaiah said here on Friday that continued fiscal prudence and increased capital expenditure would help the Government maintain the asset-liability ratio at a healthy level to the benefit of people.

Given the present indication, it could be presumed that there would be no need for the Government to impose new taxes on people, he added.

Talking to mediapersons at the conclusion of the budget session of the Assembly, Mr. Rosaiah said the annual plan of the State was the highest ever and the estimated expenditure was pegged at Rs. 80,996 crores. The revenue deficit for 2007-08 was projected at only Rs. 36 crores, a significant achievement considering that it was Rs. 3,053 crores in 2002-03.

He said improved tax collections helped the Government avoid imposition of new taxes in the last three years under the Congress rule. The sales tax collections had shot up from Rs. 9,186 crores in 2002-03 to Rs. 20,568 crores in 2007-08. Likewise the Motor Vehicle Tax was projected at Rs. 1,968 crores compared to Rs. 1,067 crores of 2002-03.

100 p.c. tax collection

There was almost 100 per cent improvement in tax collections because of emphasis on reforms in all departments. However, reforms under the Congress rule would not lead to additional burden on people in any area as they were only aimed at improving the performance of the departments.

He thanked the officials of the Finance Department for sustaining the growth rate.

Regretting the failure of the House to take up a discussion on the Appropriation Bill, he said such a situation was unheard of in any other State in the country.

The Opposition should have used the opportunity to lend quality to the House proceedings. The TDP, in particular, had evinced little interest in taking part in the debate, he said.