Mumbai is the economy heart of India and thus the Budget of Maharashtra will effect all over the india. The Finance Minister Mr. Ajit Pawar had presensed the Budget-2012 of Maharashtra State with Rs. 152.49 Crore revenue surplus in the Financial year 2012-13 in the State Legislative Assembly. The following are major points of the Maharashtra's Budget-2012:
- The budget envisages revenue receipts of Rs 1,36,711.70 crore against expenditure of Rs 1,36,559.21 crore.
- The gross state domestic product is supposed to rise by 8.5 percent, while the net state domestic product is estimated at Rs 9,82,452 crore.
- The budget earmarks Rs 100 crore to celebrate the birth centenary of Y B Chavan, the first Chief Minister of Maharashtra.
- “It also provides funds for construction of a `Marathi Bhasha Bhavan’ in Mumbai to promote the language. Rare Marathi books would be available online through e-books to buy and volumes of the Marathi encyclopedia would be made available on the internet”, he said. An amount of Rs 5 crore has been made for nurturing of Marathi language and culture in Maharashtra-Karnataka border areas.
- The size of the annual plan of the state is Rs 45,000 crore. The special component plan for scheduled castes is Rs 4,590 crore, tribal sub plan Rs 4,000 crore and district plan (general) Rs 4,950 crore, an increase of Rs 630 crore over the last year.
- Rs 415 crore have been provided for Rashtriya Krushi Vikas Yojana. Rs 2,500 crore have been allocated to concession in electricity bills to farmers.
- The budget sets a target of electrification of 1.50 lakh agricultural pumps. Rs 65.56 crore have been set aside for the proposed World Bank-assisted Maharashtra Agricultural Competitiveness Project, to improve agricultural marketing infrastructure.
- Rs 90 crore have been allocated for construction of sports complex, Rs 1,444.80 crore for National Rural Drinking Water Programme, Rs 2,200 crore for JNNURM, and Rs 573.98 crore for the Indira Aaawas Yojana.
- The state government would be spending Rs 156.55 crore on the police modernisation, Rs 256.75 crore would be spent on residential and administrative buildings of police.
- Rs 262 crore would be spent on construction of court buildings. Rs 140 crore would be spent on construction of administrative buildings of revenue department.
- The budget envisages tax proposals of Rs 600 crore, It proposes 12.5% tax on sale of beedis. Tobacco and its products are taxed at 20%. Beedi and un-manufactured tobacco are excluded from tax (at present). Beedi is also equally injurious to health. It is taxed in many states.
- A five% tax has been proposed on sale of LPG for domestic use. “LPG for domestic use was exempted in 2008. This concession was continued last year also. It (LPG) is taxable in many states. Kerosene used for domestic purposes is already being taxed in the state,” Pawar added.
- Tax on plaster of paris would be increased from 5% to 12%. A single tax rate of 5% for all dry fruits has been proposed.
- The budget also proposes tax on Aviation Turbine Fuel in places other than Mumbai and Pune at 5% from April 1.
- The tax rate on diesel cars and jeeps would be increased by 4%. “I propose to increase the tax rate by 2% on petrol cars and jeeps,” Pawar added.
- However, the budget gives concession for CNG vehicles. Tax rates would be reduced by 2% across the slabs. “The new tax rate will be 5% for CNG vehicles costing up to Rs 10 lakh, 6% for vehicles costing between Rs 10 to 20 lakh and 7% for above Rs 20 lakh,” he said.
- Tax exemption on essential goods like rice, wheat, pulses and their flours, turmeric, chillies, tamarind, gur, coconut, coriander seeds, fenugreek, parsley, papad, wet dates, solapuri chaddars and towels would continue till March 31, 2013, the minister said. Lower rate of 5% tax on tea would also continue.
- The minister also announced an amnesty scheme for outstanding electricity duty. “If the outstanding electricity dues as of December 31, 2011 are paid in single instalment, 50% of interest accrued thereon would be waived, subject to withdrawal of pending court cases,” Pawar said. The scheme would be in operation from April 1, 2012 to June 30, 2012, he further added.
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