With an eye on Assembly poll due in four months, Maharashtra Finance Minister Dilip Walse Patil today presented a Rs 7,123 crore deficit budget for 2009-10 in which incentives, including waiving around Rs 1,100 crore loans, were announced.
The minister announced cuts in tax rates for cotton ginning, solar energy equipment, small hotels. On the other hand, he also announced proposed to mobilise resources by Rs 910 crore by hiking tax on electronic goods like mobile phones and digital cameras, tobacco and cigarettes. It has also decided to hike tax on motor vehicles.
The minister announced that there would be no professional tax for persons with monthly salaries or wages below Rs 5,000. The present slabs of Professional Tax for those with monthly income above Rs 5,000 would continue, he added.
The tax on domestic LPG stoves has been cut from 12.5 to 4 per cent.
The government announced waiving around Rs 1,100 crore loans sanctioned by state corporations under the Social Justice Department.
It also decided to cut tax under composition scheme for hotels and restaurants having gradation of three star or below from the present 8 per cent to 5 per cent.
Walse-Patil also announced reduction in tax rate on goods used in space technology, like pressure vessels, reactors and chemical storage tanks used in satellite launch system from 12.5 per cent to four per cent.
Source : Samaylive.com
The minister announced cuts in tax rates for cotton ginning, solar energy equipment, small hotels. On the other hand, he also announced proposed to mobilise resources by Rs 910 crore by hiking tax on electronic goods like mobile phones and digital cameras, tobacco and cigarettes. It has also decided to hike tax on motor vehicles.
The minister announced that there would be no professional tax for persons with monthly salaries or wages below Rs 5,000. The present slabs of Professional Tax for those with monthly income above Rs 5,000 would continue, he added.
The tax on domestic LPG stoves has been cut from 12.5 to 4 per cent.
The government announced waiving around Rs 1,100 crore loans sanctioned by state corporations under the Social Justice Department.
It also decided to cut tax under composition scheme for hotels and restaurants having gradation of three star or below from the present 8 per cent to 5 per cent.
Walse-Patil also announced reduction in tax rate on goods used in space technology, like pressure vessels, reactors and chemical storage tanks used in satellite launch system from 12.5 per cent to four per cent.
Source : Samaylive.com
