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- By Parinda News Bureau, March 22, 2006, 12:06 IST
The state budget for 2006-07, presented on Tuesday, unveiled schemes worth Rs 14,829 crore, targeted at the ruling DF government's vote banks, but not a single new scheme has been announced for the city.
Even neighbouring Pune has fared better with the government declaring its resolve to develop it as an IT investment hub.
The raw deal given to Mumbai has to be seen against the raucous noise made by the ruling dispensation, when the Union budget bypassed the commercial capital, which contributes 45 per cent of the revenue to the national exchequer.
As far as common man is concerned, four-wheelers, country liquor, IMFL, mild beer, lottery and cable television would become more expensive while cooperative housing, trading in stocks, unsecured loans and exports would become cheaper in Maharashtra.
State Finance Minister Jayant Patil had good news on another front: the state has come out of the red, notching a surplus of Rs 305.85 crore. According to the minister, the government expects to generate Rs 500 crore more from taxes in 2006-07.
Anyone planning to buy a house in a cooperative housing society has a reason to cheer, as the stamp duty has been reduced from 0.5 per cent to a flat Rs 100 for the first Rs 2.5 lakh. The stamp duty relief has also been extended to deposit of title deeds, movables, pledges and hypothecation deeds, which has been brought down from 0.5 to 0.1 per cent. The duty on unsecured loans has been reduced from 0.25 per cent to 0.1 per cent. The registration fee on deposit of title deeds has been reduced from one per cent to 0.1 per cent.
The government expects to-mop up Rs 5,000 crore as revenue from stamp duty in fiscal 2005-06, an increase of 23 per cent over the last fiscal.
The government has increased the exemption limit on professional tax from Rs 2,000 per month to Rs 2,500 per month.
The stamp duty on record of transactions relating to sale and purchase of securities by brokers and investors residing outside Maharashtra is being exempted. The rate of applicable duty will be reduced from 20 paise to ten paise for every Rs 10,000, when the duty is charged on instruments relating to sale and purchase of securities by brokers on self-account.
In order to give separate legal identity to agreements on jobs done by the trade and industry on contract basis, a new article in the Bombay Stamps Act will be introduced, whereby documents would be taxed at the rate of 0.1 per cent, subject to maximum of Rs five lakh
The tax payers have also been rewarded with, simplification of taxation procedures and computerisation of the income tax department. The government also intends to bring a bill to curb instant online lotteries.
Water charges: The minister has increased water rates by 15. per cent for both irrigation and non-irrigation purposes, citing the unexpected increase in repair and maintenance costs due to floods in the state last year. "Because of floods and torrential rains of 2005, there has been an unexpected increase in the repair and maintenance costs," Patil said justifying the higher user charges.
You will have to spend more for cable television as the entertainment duty on cable TV has been increased by a whopping 50 per cent. Justifying the hike, the finance minister said that the entertainment duty on cable TV had not been increased since April 2000.
Mumbaites will also have to shell out more for hard drinks as the Finance Minister has raised the State Excise duty on various liquors. Country liquor rates per proof litre have been increased to Rs 55 while Indian Made Foreign Liquor rates will go up from Rs 150 per proof litre to Rs 160. Mild beer rates have also been increased by Rs 3 - they will touch Rs 15 per bulk litre.
The budget proposes to restrict the maximum retail price to four times the manufacturing cost in all cases where the manufacturing cost is up to Rs 88 per litre. The MRP formula will be revised accordingly and corresponding changes will be made regarding the liquor to be supplied to canteen stores department.
Motor vehicle tax: The rate of motor vehicle tax on privately-owned four wheelers is proposed to be increased from four per cent to seven per cent of the cost. He also proposed that goods vehicle tax should be collected at the prescribed maximum rate. Light goods vehicles will have to pay a one-time tax ! at the enhanced rate.
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