The Madhya Pradesh government announced reducing VAT on a number of items such as CSD cars, soya milk and dialysis machine, while making battery-operated vehicles tax-free in the budget for 2016-17 presented in the Assembly on Friday.
Presenting his fourth budget, Madhya Pradesh Finance Minister Jayant Mallaiya also announced an entry fee of 6 per cent on goods in view of revenue “loss” due to the e-commerce trade.
The budget estimates a revenue surplus of Rs. 3,509.81 crore for financial year 2016.17. “The total expenditure is estimated to be Rs. 1,58,713.04 crore for 2016-17 while appropriation is estimated to be Rs. 1,70,753.99 crores,” Mr. Mallaiya said.
“The fiscal deficit for the year 2016-17 is estimated to be Rs. 24,913.64 crore,” he said.
Mr. Mallaiya said the State which has received four Krishi Karman Awards in a row and the one is working tirelessly to make agriculture a profitable venture has earlier made tax free 38 agriculture equipment. And continuing with this practice, it has proposed to make machines used for making bio-fertilisers and for milk processing as tax-free.
With an aim to check growing pollution, the State has also proposed to abolish five per cent tax on all types of battery-operated car and rickshaw, he said.
The State has also proposed to abolish five per cent tax on bags and envelopes made from bio-degradable material.
The government has proposed to reduce VAT on cars purchased from canteen stores by soldiers from 15 per cent to 4 per cent.
The government also proposed to extend the facility of relaxation in tax to goods sold from Border Security Force (BSF) and other Central Forces canteens on line Canteen Stores Department of Army, he said.
The minister said the government has also proposed to reduce VAT from 14 per cent to five per cent on number of items including soya milk, dialysis machine and its consumables, bio-fuel based and smoke free stoves and induction cook top parts and accessories.
The government has also proposed to impose VAT of five per cent on bicycles costing above Rs. 10,000. It has proposed to raise VAT from five per cent to 14 per cent on glass mirror and gas geyser among other items.
Referring to losses incurred to the State due to e-commerce trade, the government has proposed to levy tax at the rate of six per cent on entry of goods in the State.
Under the development head, the State has proposed to enhance budget of Agriculture and allied activities from Rs. 5158.37 crore (2015.16) to Rs. 5521.01 crore (2016-17), Irrigation and flood control from Rs. 6,255.83 crore to Rs. 7,494.92 crore.
Industry and Mining from Rs. 1940.93 crore to Rs. 2780.52 crore, Transport from Rs. 3929.44 crore to Rs. 4658.18 crore, General Economic Services from Rs. 661.01 crore to Rs. 926.76 crores and Social Service from Rs. 26,206.14 crore to Rs. 30,346.91 crores. - PTI
Source : The Hindu
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