Financial Daily from THE HINDU group of publications
Wednesday, Mar 22, 2006
Financial Daily from THE HINDU group of publications Wednesday, Mar 22, 2006 |
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Industry & Economy
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Budget States - Maharashtra Maharashtra to hike taxes Our Bureau
Tax proposals Entertainment tax to be hiked Liquor rates to increase
The Finance Minister, Mr Jayant Patil, and the Minister of State for Finance, Mr Sunil Deshmukh, arrive at the Vidhan Bhavan on Tuesday. — Shashi Ashiwal
Mumbai , March 21 Liquor, cable television and four-wheelers will cost more in Maharashtra with the Finance Minister, Mr Jayant Patil, proposing to hike taxes to garner revenue of Rs 500 crore in 2006-07 for which he tabled the Budget in the State Legislature on Tuesday. Mr Patil's estimates for 2006-07 show a surplus of Rs 305.85 crore. The Budget has increased the rate of minimum excise duty on country liquor from Rs 50 to Rs 55 per litre. The excise duty on Indian Made Foreign Liquor has increased from Rs 150 litre to Rs 160 per litre. On mild beer it has been hiked from Rs 12 to Rs 15 per bulk litre. The changes will come into effect on the April 15 2006. Entertainment tax on cable television will witness a steep hike; it is proposed to be increased by 50 per cent. Water rates for irrigation and non-irrigation use are being hiked by 15 per cent. Motor vehicle tax on privately owned four-wheelers is proposed to be increased from four per cent to seven per cent. Light goods vehicles will have to pay a one-time tax at an enhanced rate. It has been proposed to increase the royalty on minor minerals from Rs 50 per brass to Rs 60 per brass. With a view to preventing the circulation of bogus stamps and to cope with periodic shortage of stamps, the Budget has proposed to make operational the computerised Stamp Duty Administration System (C-SAS). The stock, sale and examination of stamps would now be within the purview of this system. The Maharashtra Government has appointed the Stockholding Corporation of India as the agency for implementing the C-SAS.
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