Maha Budget: Fadnavis Govt. increases VAT from 23.08 to 25.93 pct

Finance Minister Sudhir Mungantiwar, who today read the state budget 2017-18 in the Maharashtra assembly, increased the Value Added Tax (VAT) from 23.08 percent to 25.93 percent.

Following this announcement, the liquor prices have been hiked in Maharashtra.

The Devendra Fadnavis-led government in the 2017-18 budget promoted the push towards promotion of digital transaction besides reducing the VAT on purchase of card swipe machines to nil from 13.5 percent.

However, the agriculture sector was allocated Rs. 8, 233 crore for various irrigation projects for the farmers.

The budget announced agriculture to be the sector for investment with a view to double the productivity of the farmers by 2021.

The state government also allocated Rs. 200 crore for the community of farming and developing clusters for setting up of farmer producing companies with an additional Rs. 50 crore set aside to develop alternate markets for the farmers to sell their produces and to improve storage facilities.

Finance minister Mungantiwar also announced Rs. 8,233 crore for irrigation project in the 2017-18 budget, and said that the govt. aims at doubling the farmers income by 2021.

The govt. also announced Rs. 2,812 crore allotted for 26 projects under the Pradhan Mantri Krishi Sinchai Scheme along with a substantial provision of Rs. 8,233 crore for the Water Resources Department.