Skip to main content

Maharashtra FMproposes tax on two and three wheelers

By
Maharashtra Finance Minister Sudhir Mungantiwar on Friday proposed a tax on two- and three- wheelers for personal use while tabling the state’s Budget for 2016- 17 with an estimated revenue deficit of Rs.3,644 crore.
At present, such vehicles are taxed at seven per cent. The minister proposed an eight per cent tax for vehicles up to 99 cc, nine per cent for 100- 299 cc and 10 per cent for 300 cc and above. However, he proposed that the tax on vehicles in the name of companies, undertakings and on imported vehicles be levied at twice the respective rates.
Presenting the second Budget of the BJP- led government at a time when the state is reeling from a severe drought, Mungantiwar projected revenue mobilisation of Rs. 2,20,810 crore against revenue expenditure of Rs. 2,24,454 crore.
Mungantiwar said the revenue deficit, which was estimated at ? 3,757 crore by the end of 2015- 16, had been revised to ? 9,209 crore largely due to expenses incurred on drought relief in over 15,000 villages. He has proposed an allocation of ? 25,000 crore for the farm sector after output declined 2.7 per cent against a target of six per cent growth.
For the irrigation sector, the minister proposed an allocation of Rs. 7,850 crore against Rs. 7,272 crore in 2015- 16.
To make up for the revenue deficit, he pushed for new tax proposals of Rs. 301 crore but he waived the sugarcane purchase tax of Rs. 710 crore. The minister refrained from imposing tax on e- commerce on the lines of competing states and thereby indicated that the government was serious to promote the Digital India initiative.
He also proposed an amnesty scheme under the Industrial Policy 2013 for closed and un- revivable units.
He announced an amnesty scheme for professional tax enrollment holders with a provision that tax liability and penalty be restricted to the previous three years.
Further, according to a sales tax amnesty scheme, the interest and penalty for dues up to March 31, 2005, subject to full tax payment will be waived and for disputed dues from April 1, 2005, and March 31, 2012, subject to full payment and 25 per cent interest payment under the VAT Act, the balance dues will be waived.
Business Standard, New Delhi, 19th March 2016

Comments

Post a Comment

Popular posts from this blog

Budget: Startup sector gets new Fund of Funds, FM to allocate Rs 10K cr

By
  The Indian startup sector received a boost with Finance Minister Nirmala Sitharaman announcing the establishment of a new fund of funds (FoF) in the Budget 2025. The minister unveiled a fresh FoF with an expanded scope, allocating Rs 10,000 crore. The initial fund of funds announced by the government with an investment of Rs 10,000 crore successfully catalysed commitments worth Rs 91,000 crore, the minister said.   “The renewal of the Rs 10,000 crore commitment to the Fund of Funds for alternative investment funds (AIFs) is a significant step forward for the Indian startup and investment ecosystem. The initial Rs 10,000 crore commitment catalysed Rs 91,000 crore in investments, and I fully expect this fresh infusion to attract an additional Rs 1 lakh to Rs 1.5 lakh crore in capital,” said Anirudh Damani, managing partner, Artha Venture Funds.   Damani further added that this initiative will provide much-needed growth capital to early-stage startups, further strengthenin...
Post a Comment
Read more

GST collection for November rises by 8.5% to Rs.1.82 trillion

By
  New Delhi: Driven by festive demand, the Goods and Services Tax (GST) collections for the Union and state governments climbed to Rs.1.82 trillion in November, marking an 8.5% year-on-year growth, according to official data released on Sunday. Sequentially, however, the latest collection figures are lower than the Rs.1.87 trillion reported in October, which was the second highest reported so far since the new indirect tax regime was introduced in 2017. The highest-ever GST collection of Rs.2.1 trillion was reported in April. The consumption tax figures highlight the positive impact of the recent festive season on goods purchases, providing a much-needed boost the industry had been anticipating. The uptick in GST collections driven by festive demand had been anticipated by policymakers, who remain optimistic about sustained growth in rural consumption and an improvement in urban demand. The Ministry of Finance, in its latest monthly economic review released last week, stated that I...
Post a Comment
Read more