HIGHLIGHTS OF THE BUDGET SPEECH DATED 9TH MARCH, 2018 BY HONOURABLE MINISTER (FINANCE) SHRI SUDHIR MUNGANTIWAR

PART I

♦ The budget has been presented with focus on weak and marginalised sections of the society, agriculture and employment generation.

♦ Increase in investment in basic infrastructure facilities and agriculture sector

♦ Assistance to logistic sector which plays a vital role in development of the State.

♦ Boost to Start up Sector for generation of self-employment

♦ Provision of Rs. 8 thousand 233 crores for water resources department. Target to complete 50 incomplete irrigation projects during current year

♦ Provision of Rs. 1500 crores for Jalyukta Shivar Abhiyan.

♦ Provision of Rs. 160 crores for wells and farm ponds and Rs. 432 crores for micro irrigation projects.

♦ Provision of Rs. 750 crores for electrification of agricultural pump sets.

♦ Provision of Rs. 50 crores for Chief Minister Agriculture and Food Processing Scheme

♦ Provision of Rs. 15 crores for Agro -forestry

♦ Benefit of Horticulture Scheme extended to farmers holding agricultural land upto 6 hectares in rest of Maharashtra excluding Konkan

♦ Encouragement to organic farming

♦ Transportation of agricultural produce by Maharashtra State Road Transport Corporation

♦ Provision of Rs. 10 thousand 828 crores for road development in the State

♦ Provision of Rs. 7,235 crores for setting up power infrastructure

♦ Provision of Rs. 2255.40 crores for Mukhya Mantri Gram Sadak Yojana

♦ Assistance of Rs. 404.17 crores to power generation projects to overcome power shortage

♦ Provision of Rs. 100 crores to give boost to Mihan project

♦ Priority to infrastructure projects such as improvement in suburban railway network, development of metro, Mumbai-Nagpur Samriddhi Corridor, MTHI, Navi Mumbai International Airport

♦ Provision of Rs. 700.65 crores for construction of court buildings and residential accommodation for judges

♦ Provision of Rs 926.46 crores for providing power subsidies to D and D+ category industries in Northern Maharashtra, Marathwada and Vidarbh

♦ Outlay of Rs. 2650 crores for package scheme of incentives for industrial development.

♦ Setting up of six skill development universities

♦ Setting up of Foreign Employment and Skill Development Center to help the youth of Maharashtra travelling abroad for empolyment or education

♦ Increase in the stipend of the students who are undergoing training for the Public Service Commission exams from Rs. 2,000 to Rs. 4,000

♦ Outlay of Rs. 900 crore for Maharashtra Suvarn Jayanti Nagarotthan Abhiyan

♦ Provision of Rs. 2215.85 crores for Pradhan Mantri Awaas Yojana

♦ Outlay of Rs. 335 crores for Chief Minister Rural Sewerage Processing and Management Project

♦ Outlay of Rs. 964 crores for National Health Mission

♦ Establishment of multispecialty hospital in Sindhudurg

♦ Outlay of Rs. 576 crores for Mahatma Jyotiba Phule Jan Aarogya Abhiyan

♦ Priority for tree plantation for protection of environment

♦ Outlay of Rs. 100 crores for Dr. Shyamaprasad Mukherjee Jan Van Vikas Yojana

♦ Promotion of eco-tourism for protecting biological diversity in the forest and improving livelihood of tribals

♦ Allocation of Rs. 9949.22 crores for social justice department

♦ Provision of Rs. 121.27 crores for development of the four low Human Development Index districts of Gadchiroli, Nandurbar, Washim and Osmanabad

♦ Constitution Sant Shiromani Gorobakaka Memorable Matikala Board, at Wardha for development of pottery industry.

♦ Provision of Rs. 605 crores for benefit of Students from economically weaker sections of the society under Rajarshi Chhatrapati Shahu Maharaj educational fees reimbursement scheme.

♦ Enhancement in amount of pension of Rs. 200 to 400 for persons with disability

♦ Two new schemes for divyang children in the age group of 0-5 years

♦ Launch of Dr. Babasaheb Ambedkar Social Development Scheme for providing basic facilities in settlements of Schedule Tribes and Navbuddha communities.

♦ To promote self reliance amongst the specially abled in the state, it is proposed to provide free of cost eco-friendly mobile stalls

♦ Launch of Punyashlok Ahilyabai Holkar Community Halls Scheme

♦ Provision of Rs. 8,969 crores for Tribal development.

♦ Allocation of Rs. 378 Crores for education of tribal students in Prominent Residential Schools.

♦ Provision for subscription of additional share capital in Shamrao Pagey Konkan Other Backward Class Development Corporation.

♦ Provision of Rs. 922.68 crores for providing benefits of food security to farmers below the poverty line

♦ Establishment of Maharashtra State Rickshaw Owners and Drivers Corporation.

♦ Increase in Grants for Akhil Bharatiya Marathi Sahitya and Natya Samellan from Rs. 25 lakhs to Rs. 50 lakhs.

♦ Celebration of birth centenary of renowned literary figures Late Shri. P. L. Deshpande and Late Shri. G.D. Madgulkar

♦ Providing assistance for construction of memorial for Kavivarya Mangesh Padgaonkar, Dramatist Machindra Kambli and Kvivarya G. D. Madgulkar

♦ Allocation of funds for development plan of pilgrimage center at Ganpatipule and Ramtek

♦ Establishment of fossil museum at Sironcha in Gadchiroli

♦ Patrol boats for protection of fishermen along coastal Maharashtra

♦ Launch of ‘Lok Sanwad ’programme for redressing the grievances, creating awareness about Government Schemes
through toll free number

♦ Implementation of 7th Pay Commission for State Government employees.

PART-II

  • Tax base expanded due to GST – 5,32,000 new tax-payers registered.
  • Compensation of rupees 11,804 crores paid in the year 2017-18 to Municipal Corporations, on account of abolition of Octroi and Local Body Tax.

Amendments to MVAT Act

i. Provision for appointment of Judicial and Technical Members on Sales Tax Tribunal modified.

ii. Provision to claim VAT TDS in GST period by contractors.

iii. No recovery of tax upto rupees 500 and consequential interest.

iv. Turnover limit of rupees 25 lakh for Audit for first three months of 2017-18.

Amendments to Profession Tax Act

i. Responsibility to collect tax at source (TCS) on Organizations, Corporations, etc.

ii. Attractive Scheme to be declared for One Time Payment of Tax (OTPT) for professionals.

iii. Streamlining provisions for effective recovery of tax.

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Tags : Budget (1957) MVAT (816) Professional tax (33)

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