Maharashtra Budget 2021 Highlights: From Concession In Stamp Duty For Women To Interest Free Loans To Farmers, Check Key Announcements Here
Maha Budget 2021: The state government proposed to increase the State Excise Duty on liquor, and the measure is expected to fetch additional Rs 800 crore.
Maha Budget 2021 Highlights: One of the worst affected states from Covid-19, the Maharasthra government announced a slew of financial measures for the common man including relief for farmers by allowing them to repay their farm loans with zero per cent interest.
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. The 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. Also Read: Maharashtra: Lockdown Imposed In 16 Hotspots In Thane From March 13 To 31 | Check List Of Hotspot Regions
The minister reiterated that 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.
Here are the major announcements made by the Maharashtra government in its budget for 2021-22.
Concession on stamp duty
The state government has offered one per cent concession in stamp duty if property is transferred only in a woman''s or women''s name. "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," informed Pawar.
"Due to this concession, there will be revenue shortfall of around Rs 1,000 crore," Pawar added.
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, as per PTI.
Increase in excise duty on liquor
On the other hand, to mop up revenue for the state, the government 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.
The move 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.
Infrastructure development
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. The Maha Vikas Aghadi government, led by Chief Minister Uddhav Thackeray also alims to develop a hill station in Jawhar in tribal-dominated Palghar along with beach development in the district.
Push to agri tourism
The government had announced an agri tourism policy to give a boost to the rural economy and a nature tourism policy would be announced soon. The state's ''Beach Shack and Caravan Tourism Policy'' has been announced to provide employment opportunities to people in coastal areas, and attract tourists.
The Mahabaleshwar, Pachgani and Lonar Sarovar development plan has been finalised and necessary funds are being made available, while a museum depicting the history of the state would also be set up.
Work was in progress on an international standard tourist complex on the 14-acre site of Worli Dairy complex in Mumbai, which was announced in last year''s budget, and moves were on to transfer the site and prepare a detailed project report, he said.
The state is already developing a jetty for tourism at Kashid in Raigad, a cruise terminal in Bhagwati Port in Ratnagiri. The outlay for the department is Rs 1,367 crore, while it is Rs 161 crore for the cultural affairs department.
In order to promote tourism, a sugar museum is also being proposed at a cost of Rs 40 crore in Pune''s Sakhar Sankul.
Work on conservation and preservation of eight ancient temples, namely Adishakti Ekvira Mata Mandir in Pune, Khandoba.
A high-speed railway project has also been approved between Mumbai and Nashik. The project which is worth ₹16,039 crore will be partially funded by the state government. The high-speed trains will run at 200kmph. The state also has allocated ₹400 crore for constructing a Bal Thackeray Memorial in Mumbai.
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