Maharashtra Govt. To Abolish Local Body Tax From August Next : Finance Minister

19 March, Mumbai

Maharashtra Finance Minister Sudhir Mungantiwar announced in State Assembly that State Government would abolish Local Body Tax – LBT from 1st August 2015. It was a long pending demand of traders across the state, he said .

Presenting the maiden budget of the Devendra Fadnavis led BJP Government in the state, Finance Minister said Compensation of revenue will be done by enhancing VAT under Value Added Tax Act.

He said Women drawing salary up to Rs 10000 per month exempted from profession tax. Some amendments have been proposed in Maharashtra VAT. tax exemption on some essential commodities has been extended up to 31 march 2016. Tax rate on LED bulb, ladies hand bags and purses, has been reduced. Some medicines for treatment of cancer have made tax free. Rate of excise duty on country liquor has been increased.

Finance Minister Sudhir Mungantiwar presented the budget with total allocation of Rs 54,999 crore for various schemes and development plans for the year 2015-16.

He said Government has resolved to take agriculture growth rate to 6 percent. For the completion of 38 long pending irrigation projects, Rs 7,272 have been allocated. With focus on long term irrigation, government has started Jalyukta Shivar Yojana and Rs 1000 crore has been proposed for this scheme. Rs 100 crore have been proposed for renovation and repair of lakes in arid agriculture area in naxal affected Gadchiroli, Gondia and Bhandara districts. Rs 330 crore have been proposed for micro irrigation projects.

New scheme ‘Motiramji Lahane Krishi Samruddhi Yojana’ in suicide prone Yavatmal district with emphasis on mechanization of agriculture has been announced. Rs 1948 have been proposed for the Mahatma Gandhi National Employment Guarantee Scheme for employment in rural area.