Power, cigarette bills to go up
- IPL spot-fixing case: Actor Vindoo Dara Singh arrested in Mumbai
- IPL 2013 LIVE SCORE: Mumbai Indians vs Chennai Super Kings
- Just in: Pune Warriors withdraw from the Indian Premier League
- Li Keqiang pitches for more Chinese investments as he backs trade balance
- Supreme Court rules out ban on IPL matches, slams BCCI over spot-fixing
The state government has targeted to earn Rs 32 crore by raising the rate of tax on cigarettes to 30% from the current 25% in the state Budget 2013-14. Sale of used two-wheelers and medium and heavy duty commercial vehicles have been made taxable at the rate of 1%. The government aims to earn an additional Rs 2 crore from this new levy.
The budget also proposes to increase electricity duty by 15 paise per unit. This will be applicable to those consuming self-generated electricity. The government plans to earn Rs 255 crore from this fresh levy.
To the neo-middle class, the government has proposed full exemption of professional tax to those earning up to Rs 6,000 per month.
The state, meanwhile, stands to lose Rs 88 crore in VAT revenue after it raised the turnover limit to Rs 75 lakh from Rs 50 lakh. This will benefit 23,000 dealers who were earlier paying lump sum tax.
Full exemption has also been given to micro-irrigation system equipment from current 5% rate of tax. This has been done to encourage use of such water efficient system in agriculture. The government stands to lose Rs 10 crore from this exemption.
The government has also proposed full exemption for pencils, foot-rules, slide rules, mathematical instruments and its box, school colour box, rubber erasers and pencil sharpeners from current rate of 5% tax, as well as for agarbatti dust and "newar" made of plastic.
In order to encourage use of carbon credit, the government has made it taxable at 5% from the present rate of 15%. The state stands to lose Rs 132 crore from this reduction.
- 'Sophisticated' Indian cyberattacks targeted Pak military sites: Report
- Talkative Li quoted Weber, Hegel, Jobs, said PM is large-hearted
- Bihar food corp ends up with chaff as rice worth Rs 535 cr vanishes from mills
- In 7 lucrative minutes on May 9, Sreesanth bowled 6 balls, bookie made Rs 2.5 cr
- India and China ask border envoys to work on more steps
- Former Ranji player among 3 more held