Saturday, 19 March 2016

Maharashtra Budget 2016: Rs 25,000 crore outlay for agriculture sector

Maharashtra Budget 2016: Rs 25,000 crore outlay for agriculture sector

Finance Minister of Maharashtra Sudhir Mungantiwar (R) and MoS Finance Deepak Kesarkar before presenting the states budget for 2016-17 in the legislative assembly in Mumbai (PTI)
Maharashtra government tweaked certain taxes such as VAT and offered some exemptions for sugarcane and profession tax.

The Maharashtra Budget for 2016-17 has proposed Rs 25,000 crore for the farm sector in view of a severe drought in the state.
It also tweaked certain taxes such as VAT and offered some exemptions for sugarcane and profession tax.
Presenting the second Budget of the Fadnavis government on Friday, Maharashtra Finance Minister Sudhir Mungantiwar raised the Motor Vehicle Tax on two and three wheelers.
This tax will be based on engine capacity - up to 99cc, 8%; 100cc to 299cc 9 per cent, 300cc and above 10%. Institutional and imported vehicles will be subjected to double the rate of tax.
VAT on coconut hair oil sold in packs of up to 500 ml has been enhanced to 12.5%.

Exemption from levy of Sugarcane Purchase Tax for the year 2015-16 will be given to the sugar factories which export sugar as per the government policy, Mungantiwar said.
He also announced an amnesty scheme for Profession Tax enrolment holder.

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