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Prices of cars, jeeps, cooking gas to rise in Maharashtra
The Maharashtra government is set to implement some harsh monetary steps from next month, as finance minister Ajit Pawar envisaged a raise in tax rates across sectors in the 2012-13 budget presented on Monday.
The proposals are expected to mobilise an additional Rs 600 crore (Rs 6 billion), and make the state revenue-surplus by Rs 152.5 crore (Rs 1.52 billion) by the end of the coming financial year.
A number of things across the spectrum will become more expensive. Households will bear the brunt of a five per cent rise in LPG or cooking gas.
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Prices of cars, jeeps, cooking gas to rise in Maharashtra
Both petrol and diesel cars will be costlier by two per cent, and jeeps by four per cent. However, CNG-based vehicles will be cheaper by two per cent.
Pawar said the rates were "quite low" compared to 18 per cent in Karnataka for vehicles costing above Rs 20 lakh, and 15 per cent in the case with Tamil Nadu.
Explaining the rationale for the increases, the minister said the revenue surplus of Rs 58 crore (Rs 580 million), which was expected by the end of 2011-12, has now turned to a deficit of Rs 2,058.7 crore (Rs 20.58 billion).
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Prices of cars, jeeps, cooking gas to rise in Maharashtra
This was due to the announcement of a package for farmers growing cotton, soyabean and paddy, grant to MahaVitaran on account of concessions in electricity bills for agricultural pump-sets and additional funds necessitated by subsidies for industrial promotion.
Even so, the pain will continue for some industries like the airline. They will have to bear another hike in the aviation turbine fuel rates by one per cent, to five per cent.
In order to simplify the stamp duty rate structure for conveyance deed of immovable properties, the government proposed a three per cent rate for areas falling under gram panchayats, four per cent for areas under municipal councils and influential areas and five per cent for other urban areas, including municipal corporations.
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Prices of cars, jeeps, cooking gas to rise in Maharashtra
The aim is to mobilise Rs 250 crore (Rs 2.5 billion) solely from the proposed amendments to the Bombay Stamps Act. The revenue deficit would be eliminated, as the government expects revenue receipts of Rs 1,36,712 crore (Rs 1.367 trillion) against a revenue expenditure of Rs 1,36,559.2 crore (Rs 1.365 trillion) for 2012-13.
The government has proposed to introduce tax collection at source on sand and proposed five per cent tax on purchase of cotton and oil seeds to five per cent rate on sales on these commodities.
Other tax proposals include five per cent TDS rate on works contract by unregistered dealers, a reduction in tax rates on educational materials and envelopes to five per cent from 12.5 per cent, a cut in tax rate to five per cent from 12.5 per cent on machinery for the poultry industry.
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Prices of cars, jeeps, cooking gas to rise in Maharashtra
There is a fall in rate on semi-processed and ready-to-cook food in sealed containers to five per cent from 12.5 per cent and a reduction in the rate of adult diapers, sanitary napkins, raincoats, safety helmets, ribbons, bow and kajal, articles made from bamboo and rock salt to five per cent from 12.5 per cent.
