Azam wants to levy heavy taxes on Formula-1 event

At its first meeting, the State Resource Committee (SRC), headed by Parliamentary Affairs Minister Azam Khan, on Wednesday recommended levying heavy taxes on Formula-1 Grand Prix organised at Noida.

The event was totally exempted from entertainment tax by the previous Mayawati government.

Khan strongly objected to the tax-free status of Grand Prix on grounds that it was enjoyed by rich people who could afford entry tickets of Rs 25,000 to 30,000 for their entertainment. The tax-free status of Formula 1 was resulting in revenue loss for the state, he added.

The SRC also recommended increasing the tax slab on gutka, pan masala, tobacco, cigarette etc so that sale of these harmful products was discouraged and revenue increased. It also recommended increasing the tax on petrol and diesel used in SUVs, rail engines, aeroplanes and helicopters.

The committee also recommended reducing the time limit for revision of circle rate from two years to one year. The circle rates decided by the district magistrate should not be treated as final, but should be reviewed at the government level.

The SRC also expressed its unhappiness over the target of Rs 10,000 crore revenue from the excise department and recommended that the next excise policy should be formulated in a way that the revenue was stepped up.

The committee, which has been constituted to review and give suggestions for increasing the revenue of the state government, will submit its report within three months.

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