|Budget||Monday, March 26, 2012 23:02 Hrs IST|
Maharashtra Budget 2012-13: Imposes VAT on LPG, rationalize stamp duty rates
Ajit Pawar, Finance Minister, Government of Maharashtra presented the State Budget 2012-13 in Vidhan Sabha on 26 March 2012. During the year 2012-13, revenue receipts are expected to be Rs 136711.70 crore and revenue expenditure is Rs 136559.21 crore. This shows the marginal revenue surplus of Rs 152.49 crore for 2012-13. The size of Annual Plan of 2012-13 is proposed at Rupees 45000 crore.
For 2011-12, the revenue surplus was projected at Rs 58.2 crore, but it turned to revenue deficit of Rs 2058.71 crore after revenue expenditure surged to Rs 127371.52 crore against Budget Estimate of Rs 121145.72 crore. The revenue Receipts of Government of Maharashtra have also improved to Rs 125312.81 crore against Budget Estimate of Rs 121503.92 crore.
The Gross State Domestic Product growth for 2011-12 is projected at 8.5% against the India's GDP growth of 6.9% for 2011-12.
To levy VAT at 5% on sales of furnishing cloth at the last point of sales, but to exempt textile processing from tax.
VAT at 12.5% on sales of Beedi.
VAT at 5% on sale of LPG for domestic use.
VAT on Plaster of Paris is proposed to be enhanced from 5% to 12.5%.
A single VAT rate of 5% for all dry fruits from 1 April 2012.
Tax on ATF in places other than Mumbai and Pune raised to 5% from 4% effective from 01 April 2012.
Purchase tax is proposed on purchases of cotton and oil seeds from unregistered persons
To levy entry tax of 12.5% on Natural Gas.
Stamp Duty structure: A simpler rate of 3% for areas falling under Grampanchayats, 4% for areas under Municipal Councils and Influential Areas and 5% for other urban areas including Municipal Corporations.
Motor Vehicle Tax: Increased tax rate by 2% on petrol cars and jeeps and by 4% on diesel cars and jeeps.
Lower rate of 5% tax on tea and essential goods to continue up to 31 March 2013.
tax on cotton yarn is proposed to be reduced from 5% to 2%.
Reduction in rate of tax from 12.5% to 5% on educational material.
Exemption from Motor Vehicle Tax to Battery operated Vehicles.
Reduction in Motor Vehicle tax by 2% on new cars and jeeps with CNG kits.
Reduction in rate of tax from 12.5% to 5% on equipment for poultry industry.
Amnesty scheme for outstanding Electricity Duty.
Reduced tax rate from 12. 5% to 5% on adult diapers, sanitary napkins, raincoats, safety helmets, ribbons, bow and kajal, articles made from bamboo and rock salt.
These tax proposals are expected to yield approximately Rs 600 crore.