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Maharashtra: Thackeray’s maiden budget focuses on farm sops, tax concession

In his maiden budget, the MVA government in Maharashtra on Friday announced sops including one-time loan settlements scheme for debt-ridden farmers of the state.

Published: 07th March 2020 09:45 AM  |   Last Updated: 07th March 2020 09:45 AM   |  A+A-

By Express News Service

NEW DELHI: In his maiden budget, the MVA government in Maharashtra on Friday announced sops including one-time loan settlements scheme for debt-ridden farmers of the state. It also proposed to increase VAT on petrol and dieselby Rs1 per litre and reduced electricity duty for industries. Deputy Chief Minister Ajit Pawar and finance minister announced a one-time settlements scheme for farmers whose crop loan is more than Rs2 lakh, including principle and interest, from April 1, 2015 to March 31, 2019. The government will transfer Rs2 lakh in bank accounts of eligible farmers after the outstanding amount above Rs2 lakh, as on September 30, 2019, is repaid by them, Pawar said. 

Similarly, farmers who will regularly repay their dues up to June 30, 2020 and for crop loan taken by them during 2017-18, 2018-19 and 2019-20, a maximum of Rs50,000 will be given to them as incentivefor the amount of crop loan taken during 2018-19, the finance minister said. The finance minister made a provision of Rs150 crore for the subsidised food scheme for the poor. 

He said the government has set a target of feeding 1L people through its ‘Shiv Bhojan’ meal scheme. Tabling the first budget of the Maha vikas Aghadi (MVA) government, which completed 100 days in office on Friday, Deputy Chief Minister Ajit Pawar, who also holds the finance portfolio, announced tax concession proposals. He proposed to reduce electricity duty on industrial use from 9.3 per cent to 7.5 percent of consumption charges. Pawar said the concession in stamp duty will help promote the real estate sector.



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