19 March 2016 Current Affairs GK: Maharashtra Finance Minister Sudhir Mungantiwar on 18 March 2016 presented the Annual State Budget 2016-17 in the state legislature.While presenting the budget, which largely focused on the agriculture sector, the finance minister added that 2016-17 will be observed as theShetkari Swabhiman Varsh. He dedicated the budget to the balirajaor the farmer.In the budget, Mungantiwar projected revenue mobilisation of 220810 crore rupees against revenue expenditure of 224454 crore rupees.The revenue deficit, which was estimated at 3757 crore rupees by the end of 2015-16, had been revised to 9209 crore largely due to expenses incurred on drought relief in over 15000 villages. The minister also proposed an allocation of 25000 crore rupees for the farm sector after output declined 2.7 per cent against a target of six per cent growth.Also, budget estimates anticipated a decline in the share of tax revenue in total receipts from 8.06 per cent in 2015-16 to 7.97 per cent in 2016-17.For the irrigation sector, the minister proposed an allocation of 7850 crore rupees against 7272 crore rupees in 2015-16.Registration documents to be uploaded online, which will eliminate the need to visit sales tax office for verification.Deemed acceptance of returns within 4 years if returns filed and payment made and returns are correct.Assessment proceedings can be closed if a dealer agrees with observations of assessing officer and files revised return.Employer can transfer TDS credit to sub contractor.An amnesty scheme proposed under the Industrial Policy 2013 for closed and un-revivable units.An amnesty scheme for professional tax enrollment holders with a provision that tax liability and penalty will be restricted to the previous three years.Exemption of VAT proposed on warping and sizing of yarn for promoting the textile industry.Increase in the turnover limit for composition to retailers under the Maharashtra VAT Act to 1 crore rupees from 50 lakh rupees.Exemption of VAT on mammography machines used for detection of breast cancer.Advance Ruling provision in place of DDQ.Information return by e-commerce portals will contain information about suppliers.Entry tax levied on marble and granite slabs. PT exemption given to CRPF and BSF.Sugarcane purchase tax exemption for 2015-16 given to sugar factories exporting sugar as per government policy.Tax on petrol and diesel, which was imposed from 1 October 2015, to continue for another year.VAT Floor rate increased from 5 to 5.5 per cent.Mobile handsets purchased locally and sold in the course of inter-state trade to be eligible for set-off to the extent of the liability under the Central Sales Tax Act on their sales.Coconut oil sold in packing up to 500 ml to be taxed at 12.5 per cent instead of 5 per cent.Medicinal Hair oil made taxable at 12.5 per cent.Sweet corn made taxable at 5 per cent.Barbed wire, wire mesh and chain links made taxable at 5 per cent instead of 12.5 per cent.VAT on cotton seed reduced to 2 per cent from 5 per cent.VAT on battery operated and hybrid fuel operated public transport buses exempted.VAT on pyrolysis oil and LED tubelights reduced to 5.5 per cent.VAT on Sterlie water for injection reduced to 5.5 per cent from 12.5 per cent.
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