Punjab Finance Minister, Upinderjit Kaur today presented the 2011-12 tax free budget of 48,594 crore 85 lakh rupees in the state Assembly. Budget pegged the fiscal deficit at 3.45 per cent. Estimating the revenue receipts (less lotteries) of the state at 31,945.76 crore rupees, which marks a 20 per cent increase over the current year revenues. Total receipts of the state would be 32026 crore 76 lakh rupees while expenditure would be 35405 crore 75 lakh rupees. Talking to newsmen Finance Minister said that no new taxes would be imposed and income is to be generated by developing resources. She said that deficit of the budget is in accordance with the recommendations of 13th Finance Commission and percentage of deficit has decreased when it is compared with the GSDP of the state.