MUMBAI: The Maharashtra government’s budget for 2021-22, presented on International Women’s Day, offered one per cent concession in stamp duty if property is transferred only in a woman’s or women’s name.
Deputy Chief Minister and finance minister Ajit Pawar on Monday presented a budget with revenue deficit Rs 10,226 crore in the state Legislative Assembly.
While the revenue collection in the coming fiscal was estimated at Rs 3,68,987 crore, revenue expenditure was estimated at Rs 3,79,213 crore.
The coronavirus pandemic had an unprecedented impact on the state’s economy, said Pawar, informing that the tax revenue as per the revised estimates for 2020-21 is expected to be Rs 2,18,263 crore.
Considering the current slowdown in the national and state economy, it will not be easy to achieve the revised revenue estimates, but the government will make full efforts to achieve the revised target, Pawar said.
“On International Women’s Day, I propose concession in stamp duty of 1 per cent over the prevailing rate exclusively to women, provided the transfer of house property or registration of sale deed is in the name of woman or women only,” he said.
“Due to this concession, there will be revenue shortfall of around Rs 1,000 crore,” Pawar added.
He proposed to increase the State Excise Duty on liquor. Country liquor will be classified into two categories — branded and non-branded — and State Excise Duty will be levied at 220 percent of manufacturing cost or Rs 187 per litre, whichever is higher, only on branded country liquor.
This is expected to fetch additional Rs 800 crore.
The VAT on liquor as prescribed in Schedule-B of Value Added Tax Act was increased from the existing 60 percent to 65 percent, while the VAT prescribed in Section 41 (5) of the Act was increased from 35 percent to 40 percent.
This is estimated to bring additional revenue of Rs 10,00 crore, Pawar said.
A provision of Rs 58,748 crore was made for infrastructure development.
Fiscal deficit is estimated to be Rs 66,641 crore, the finance minister said.
Source: Press Trust of India
