Finance Minister Shri.Sudhir Mungantiwar of BJP government Maharashtra has presented his very first budget on Wednesday, 18’Th March 2015.State government of Maharashtra has presented budget on the lines of the Central government’s Budget. Following are some key highlights of the Budget 2015-16:
1. Local Body Tax to be abolished from 1st August 2015 :
- Government has smartly managed to abolish the Local Body Tax W.e.f 1st August 2015, which was the main agenda & expectation of various business association of Maharashtra from state government.
- State government will compensate this revenue by enhancing VAT rates.
2. Professional Tax exemption for Women :
- In order to empower the women, Government has granted exemption from Professional tax to women’s drawing Salary upto Rs.1000/- Per month.
- This change in provision will gradually increase the number of working women’s in state.
3. Changes in Vat Rates :
Majorly Following Vat rates has been changed by state government in the Budget:
- Tax rate on ladies Hand Bags and Purses reduced from 12.5 per cent to 5 per cent. This as another gift by state government to all the women’s to keep the women’s ultimately happy.
- In order to empowering education system in state, government has removed Tax on Work Book, Graph Book, Drawing Book and Laboratory Book & done the same tax free.
- In order to enhance the use of LED bulbs in sate to save the energy Tax rate on LED Bulb reduced from 12.5 per cent to 5 per cent.
- In order to provide cheap medical treatment, Tax rate on Guide wire used in medical treatment reduced from 12.5 per cent to 5 per cent. Also Some medicines for treatment of Cancer has done tax free.
4. Reduction of late fee for VAT Return:
- Late fee for filing Vat return has been reduced from Rs.2000/- to Rs.1000/- .
- Tax concession on essential commodities will be continued for one more year.
- No vat will be levied on Service Tax.
5. Reduction of late fee for VAT Return:
In order to avoid liquor consumption, Rate of Excise Duty on Country liquor to be at 200 per cent of manufacturing cost or Rs. 120 per proof litter, whichever is higher.
Beside from these changes in Tax rates some other changes have been also done in accordance to move ahead towards developed Maharashtra which are summarised below.
In order to provide secure environment CCTV cameras to be installed in Amravati, Nasik, Aurangabad and Nagpur cities.
7. Reward Scheme:
In order to enhance government revenue & effective working in government departments, Finance minister has come with a Scheme to reward officers and staff in Government who come out with innovative ideas on saving expenditure or increasing Government Revenue
8. Education, Health and Women Development:
- 112.50 Crores has been allotted for the construction of girl’s hostel.
- In order to provide the secure environment for girls, All girls hostels in the state will have protection wall in the next three years.
- Rs.1690.56 crore has been allotted for Sarva Shiksha Abhiyan.
9. Industry and Tourism :
- Rs.50 crore has been allotted for Preservation and protection of notified forts.
- Rs.50 crore has been allotted for Development of road side facilities for tourist
10. Infrastructure :
1. Rs.109.60, Rs.197.65, & Rs.174.99 crore has been allotted Respectively for Mumbai Metro Line-3 Project, Nagpur Metro Rail Project, & Pune Metro Project.
2. Rs.268 crore has been allotted for Smart Cities.
3. Rs.141 crore has been allotted for Purchase of S. T. buses and repairs of bus depots.
11. Swachchha Bharat Abhiyan :
Swachchha Bharat Abhiyan launched in the state with outlay of Rs. 810 crore.
Hope You all find the above Article useful for an quick Review to Maharashtra Budget, Any Queries & Suggestions are Welcome.
“The Best is yet to come”
By: Gopal Santosh Darak
CA Final Student