Maha budget proposes Rs 25,000-cr outlay for agri
As the state is reeling under an unprecedented drought, the Bharatiya Janata Party (BJP)-led government in Maharashtra on Friday earmarked Rs 25,000 crore for the farm sector in the Budget for 2016-17, while tweaking certain taxes such as VAT and offering exemptions for the sugarcane industry.
Presenting the second Budget of the Devendra Fadnavis government, Finance Minister Sudhir Mungantiwar raised the Motor Vehicle Tax on two- and three-wheelers, based on engine capacity.
He projected a revenue mobilisation of Rs 2,20,810 crore against revenue expenditure of RS 2,24,454 crore, leaving a deficit of Rs 3,644 crore.
New tax proposals of Rs 301 crore are expected to make up for a part of the deficit. For Make In India and Make In Maharashtra schemes, he proposed incentives worth Rs 1,000 crore to promote investments in the underdeveloped Vidarbha and Marathwada regions.
Mungantiwar said, “The farmer of this state is the backbone of the rural economy. Self-dependent farmers and prosperous villages constitute the foundation of ‘Make in India’.” VAT on coconut hair oil sold in packs of up to 500 ml has been enhanced to 12.5 per cent. Exemption from levy of Sugarcane Purchase Tax for 2015-16 will be extended to sugar factories which export sugar as per the government policy.
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