Budget: MP reduces VAT on CSD cars, green vehicles, others
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.bhopal Updated: Feb 26, 2016 17:13 IST
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 Malaiya 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,” Malaiya said.
“The fiscal deficit for the year 2016-17 is estimated to be Rs 24,913.64 crore,” he said.
Malaiya 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.