The Devendra Fadnavis Government presented its State Budget for the year 2016-17. The State Finance Minister Sudhir Mungantiwar presented the budget with an estimated revenue deficit of Rs 3,644 crore.
KEY HIGHLIGHTS
- The general VAT rate from 5 to 5.5 per cent in the State budget.
Vehicle Tax structure
- For two- and three-wheeler vehicles for personal use, vehicles up to 99 cc will be taxed at 8 per cent
- For vehicles from 100 cc to 299 cc the rate will be 9 per cent and for 300 cc and above the rate will be 10 per cent
- Company-owned vehicles will be taxed at double rate which means the applicable tax will range between 16 per cent and 20 per cent
Profession Tax:
- The eligible taxpayers who have not paid profession tax in the preceding eight years will be held liable to pay taxes
- The tax proposals will result in additional revenue of 363 crore for the State exchequer.
Farm Sector
- The State budget has made an outlay of Rs. 25,000 crore for the agriculture sector and various schemes related to farmers
- The relief package of over 3,000 crore has also been made available to the stressed farmers of the State.
Sugar mills
- An outlay of 3,360.35 crore has been made for the year 2016-17
- As sugar industry in Maharashtra is facing difficulties, the Finance Minister has exempted sugar mills from paying Sugarcane Purchase Tax for 2015-16
Cow protection
- Govardhan Govansh Raksha Kendra (Cow lineage protection centres) will be established in 34 rural districts for rearing of non-lactating and unproductive cattle breed with the participation of experienced NGO.
- 1 crore will be provided for the project.
- An outlay of 34 crore is proposed for Govardhan Govansh Raksha Kendra
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