Current Affairs

Budget 2012 at a glance-Part 3

GoaChronicle.com brings to highlights of the Goa Budget 2012 presented by the Chief Minister Manohar Parrikar.

Information Technology

– IT industry to be welcomed with open arms
– IT Habitat at Dona Paula to be revived
– CM appeals to Goan IT experts working outside the state to return home and develop the IT industry in the state. “I will extend all support,” says CM.

Tax Proposals

– Taxes to be rationalised, new types of taxes to be imposed, but people will not be unduly burdened, says CM
– Excise on IMFL, Beer, wines up
– Taxes on country liquor rationalised.
– Tax proposals on liquor to yield Rs50 crore additional revenue
– VAT on petrol down to 0.1 per cent. Petrol will be cheaper by nearly Rs 11 per litre
– Tax on carbonated beverages up from 12.5 per cent to 20 per cent. Locally manufactured carbonated drinks to be exempted from increase
– All junk food, including hamburgers, fried snacks and namkeens to be taxed at 20 per cent, up from 12.5 per cent
– Cars costing above Rs 15 lakh to cost more
– Tax on Naphtha up from 13 per cent to 15 per cent
– Tax on Air Turbine Fuel for jet aircraft to go down from 22 per cent to 12.5 per cent, to encourage airlines to refuel their aircraft in Goa
– Tax on Gensets down from 12.5 per cent to 5 per cent
– Tax on Beach shacks up
– VAT rules to be amended and simplified, so that traders can get speedier returns on their input taxes
– Exemption slab of Entertainment Tax for cinema theatres and multiplexes up from Rs 50 to Rs75 per ticket. Extra benefits for those cinema owners who remit their taxes on time
– All Casino entry fees down to Rs 500
– Offshore Casino licensing fees up to Rs 6.5 crore
– Onshore Casino licensing fees up to Rs 2.5 crore
– Casinos to be allowed only in those hotels rated as 5-star by the Government of India
– Minimum age of entry into casinos up to 21 years
– Entertainment tax on sale of gaming chips in Casinos up
– Luxury tax down on small hotels
– Off-season luxury tax to be lowered by 50 per cent, provided it is remitted on time
– Entry tax on coal, coke raised to 2 per cent
– Additional revenue estimated to be raised by above measures is Rs 470 crore
– Tax on cars amended: 6 per cent on cars below Rs 6 lakh and 7 per cent on cars above Rs 6 lakh
– Multi-state operating tax on vehicles registered outside Goa raised to Rs 300 per seat per month
– Entry tax to be levied on vehicles registered outside Goa entering the stat; exact mechanism for this to be worked out
– Electricity tariffs to be rationalised, including an increase in Electricity Duty. CM says common man will not be adversely affected
– Tax of 0.1 per cent on registration of loan mortgage documents. Maximum tax will be Rs 50,000
– 0.05 per cent tax on transfer, purchase of equity shares
– All fees / fines levied by the Goa Police are doubled
– Barge, inland vessel taxes up
– Infrastructure taxes for commercial and industrial structures up
– Duty imposed of Rs 250 to Rs 500 on dump ore handling (depending on iron content)

 

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