Deputy Chief Minister and Maharashtra Finance Minister Ajit Pawar today presented Maharashtra's budget for 2013-14. Key highlights of the budget are as follow:
- Revenue surplus budget of Rs 184.38 crore compared to Rs 156 crore in 2012-13
- Revenue receipts estimate at Rs 1,55,986.95 crore
- Revenue expenditure estimate at Rs 1,55,802.57 crore
- Annual plan sized proposed at Rs 46,938 crore for 2013-14 compared to Rs 45,000 crore in 2012-13
- Total tax proposals to mobilize at Rs 1,150 crore
- Increase in tax rate of gold, silver and their jewellery hiked from 1% to 1.10% for one year due to prevailing drought conditions
- Increase in sugarcane purchase tax from 3% to 5% to raise fund for drought relief for one year
- Tax on cigarettes hiked from 20% to 25%
- Increase in tax on bidi from 5% to 12.5%
- Unmanufactured tobacco to be taxed at 12.5%
- 5% levy on textile for industrial use
- Rise in tax on certain powder, cubes and tablets from which non alcoholic beverages are prepared to 12.5% from 5%
- Increase in tax on Paver blocks from 5% to 12.5%
- Increase in tax on Lottery: Tax on weekly lottery will be Rs 60,000, Tax on fortnightly lottery scheme or any lottery scheme between a week and a fortnight Rs 1,25,000, Tax on monthly lottery scheme or any lottery scheme of any duration exceeding fortnight Rs 2,50,000
- Financial Institutions liable to pay stamp duty on mortgage deeds
- Rounding off fractions in stamp duty payable.
- If agreement to sale is registered by paying proper stamp duty by treating as deemed conveyance deed will be charged with Rs 100 stamp duty
- Increase in excise duty on Country Liquor to Rs 110 per proof litre from Rs 95 per proof litre,
- Excise duty on Indian Made Foreign Liquor hiked from Rs 240 per proof litre to Rs 300 per proof litre,
- On fragmented strong beer Rs 60 per bulk litre or 200% per cent of the manufacturing cost whichever is higher. Earlier rate on fermentes strong beer was Rs 42 per bulk litre or 175% of manufacturing cost whichever is higher
- Increase in export fee on Indian Made Foreign Liquor (IMFL) having maximum retail price less than Rs 500 to Rs 3 per bulk litre from Re 1 per bulk litre
- Export fee on IMFL having maximum retail price of Rs 500 or more is Rs 5 per bulk litre. It will now be increased to Rs 10 per bulk litre.
- Tax Mobilisation to surge
- Sales Tax & VAT Rs 62,422 crore in 2013-14 compared to Rs 53,361 crore in 2012-13
- Stamp Duty & Registration Rs 17,703 crore in 2013-14 against Rs 15,730 crore in 2012-13
- Motor Vehicle Tax Rs 4,750 crore in 2013-14 against Rs 4,200 crore in 2012-13
Source: www.business-standard.com
