Mumbai: Maharashtra Deputy Chief Minister Ajit Pawar, who also holds the finance portfolio, presented a revenue deficit budget on Friday.
Tabling the third budget of the Shiv Sena-NCP-Congress government in the legislative assembly, he announced an amnesty scheme for the Goods and Services Tax (GST) payees.
Pawar said that a provision of Rs 1,50,000 crore has been made for the annual plan, PTI reported.
Stating the revenue receipts, as per the budget estimates, would be to the tune of Rs 4,03,427 crore and revenue expenditure at Rs 4,27,780 crore, he said there would be thus a revenue deficit of Rs 24,353 crore.
The tax revenues as per the revised estimate for 2021-22 would be Rs 2,75,498 crore, including revised estimate of Rs 1,55,307 crore on account of GST, VAT, central sales tax, professional tax and other important taxes.
Pawar further said that there would be an amnesty scheme for GST arrears, to be called the ‘Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Scheme, 2022.
It is estimated that medium-level dealers will be benefited in almost 2.2 lakh cases due to this scheme, which will be from April 1, 2022, to September 30, 2022
Under this amnesty scheme, waiver will be granted for remaining 80 percent of arrears on payment of lumpsum amount of 20 percent.
Besides, three percent stamp duty on gift deed and five percent stamp duty on sale deed will be exempted.
This will cost the exchequer around Rs 21 crore.
As per the budget document, the reduction of VAT on natural gas will cause a revenue loss of Rs 800 crore.
The amnesty scheme under the stamp act for pending penalty dues will cost the government Rs 1,500 crore.
The waiver of stamp duty of 0.1 percent on gold and silver delivery order documents will lead to a revenue shortfall of Rs 100 crore.
The tax levied by the Maharashtra Maritime Board on the passengers as well as pets, vehicles and goods travelling by ferries and Ro-Ro boats has been waived for three years.
The Finance Minister said the budget gives priority to agriculture, health, human resources, transport, industry, culture and tourism besides other sectors.
Former Maharashtra chief minister Devendra Fadnavis, currently the Leader of Opposition, expressed his disappointment with the budget and cornered the state government for not doing enough for the “common man”.
“This budget is against farmers, Dalits and will not give anything to the common man,” said Fadnavis, ANI reported.
“We were expecting that like the Central government and other states, the state government will give relief to the people by decreasing VAT on petrol and diesel, but nothing has been done,” he added.