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March 8, 2020

Deputy Chief Minister Ajit Pawar said the concession in stamp duty will help promote the real estate sector in the wake of slowdown

In its maiden budget, the MVA government in Maharashtra today announced tax some tax concession proposals. This included 1 per cent stamp duty concession for the next two years and other related charges applicable on registration of documents in the areas falling under the Mumbai Metropolitan Region Development Authority (MMRDA) and municipal corporations of Pune, Pimpri-Chinchwad and Nagpur.

Deputy Chief Minister Ajit Pawar, who also holds the finance portfolio, said the concession in stamp duty will help promote the real estate sector in the wake of slowdown.

He also announced sops for farmers, proposed to increase VAT on petrol and diesel by Re 1 per litre and reduced electricity duty for industries.

Ajit Pawar presented a revenue deficit budget of 9,511 crore and proposed the size of annual plan 2020-21 at 1,15,000 crore in the assembly.

The budget estimates put the fiscal deficit at 54618.38 crore.

He proposed to reduce electricity duty on industrial use from 9. 3 per cent to 7.5 per cent of consumption charges.

The reduction in electricity duty will help promote industries in the state, the finance minister said.

Due to the tax concessions, it is expected that there will be yearly revenue loss of around 2,500 crore.

Similarly, Pawar proposed to increase VAT (value-added tax) on petrol and dieselby Re 1 per litre.

This will enrich the state exchequer by an additional 1,800 crore, the finance minister told the assembly.

He announced a one-time settlement scheme for farmers whose crop loan is more than 2 lakh, including principle and interest, from April 1, 2015 to March 31, 2019.

The government will transfer 2 lakh in bank accounts of eligible farmers after the outstanding amount above 2 lakh, as on September 30, 2019, is repaid by them, Pawar said.

Similarly, farmers who will regularly repay their dues up to June 30, 2020 and for crop loan taken by them during 2017-18, 2018-19 and 2019-20, a maximum of 50,000 will be given to them as incentive for the amount of crop loan taken during 2018-19, the finance minister said.

He said the government has set a target of feeding one lakh people through its ‘Shiv Bhojan’ meal scheme.

The finance minister made a provision of 150 crore for the subsidised food scheme for the poor.

Pawar said the budget proposals focus on tackling challenges of economic slowdownand creation of employment.

He said the government will create a dedicated fund, called “Green fund”, which will be utilised for conservation of the environment.

Money from this special fund will be specifically used for projects related to sewage disposal and waste management, the finance minister said.

Pawar said the tax revenue as per revised estimates for the year 2019-20is expected to be 2,16,824 crore.

He said in 2019-20, budget revenue receipt of 3,14,640 crore was expected.

However, due to a decrease in receipt of state share in central taxes by 8,543 crore, the revenue receipts have been revised to 3,09,000 crore, he said.

In budget 2020-21, the revenue receipt is estimated at 3,47,457 crore and revenue expenditure at 3,56,968 crore.

“As a result, a revenue deficit of 9,511 crore is indicated,” he said.

Pawar said the total amount of outstanding debt and liabilities at the end of January 2020 stood at 4,33,00,901 crore.

During the last five years, the state raised loans of 2,82,448 crore, he said.

The cost of infrastructure projects undertaken by the government is 2,78,271 crore and the state has to bear direct and indirect liability of these projects, Pawar said.

Source: https://www.livemint.com/

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