The Himachal Pradesh Fiscal Responsibility and Budget Management (Amendment) Bill 2023 and the Himachal Pradesh Goods and Service Tax (Amendment) Bill 2023 were passed with a voice vote in the House on the third day of the Winter Session. Chief Minister Sukhvinder Singh Sukhu had tabled the Bills in the House.
The Himachal Pradesh Fiscal Responsibility and Budget Management (Amendment) Bill 2023 aims at maintaining a of 6 per cent or less of the Gross State Domestic Product (GSDP) in 2022-23. It also keeps 3.5 per cent fiscal deficit of the GSDP for the next two financial years (2023-24 and 2024-25). Thereafter, a fiscal deficit of 3 per cent of the GSDP shall be maintained.
Deputy Chief Minister Mukesh Agnihotri said that the Bill had become necessary due to excessive borrowing done by the previous BJP government. He added that the current debt of the state stood at Rs 74,622 crore. In the past five years, the debt burden had increased by Rs 26,716 crore, he added.
The Bill also states that the interest free loan for 50 years to states under the scheme of special assistance for Capital Expenditure for financing Infrastructure projects shall be allowed over and above all limits specified.
The Himachal Pradesh Goods and Service Tax (Amendment) Bill 2023 aims at merging all indirect taxes of the state and Central governments, as per the amendments affected by the Centre under the Finance Act 2022 on the recommendations of the GST Council.