No new taxes in Madhya Pradesh budget

The budget was presented today in the state Assembly by FM Jayant Malaiyya

The Madhya Pradesh government today proposed no new taxes in the budget for 2014-15, that projects a fiscal deficit of Rs 13,425 crore.

Presenting the budget in the state Assembly here, Finance Minister Jayant Malaiyya said that 34 implements used in agriculture have been exempted from tax.

Besides, butter, flush doors, ceramic and vitrified tiles have been made cheaper, he said.

The fiscal deficit was at 2.98% of the Gross Domestic Product (GDP) and it was well within the prescribed limits, he said.

The Minister also proposed to end taxes imposed on transportation of tendu leaves and pointed out that this would cause a revenue loss of Rs 3 crore.

He said that for rationalisation of VAT, its rate has been reduced from 13% to 5%.

This would apply to many things, including thermal insulators used for industrial input, computer scanners and X-ray films, he said.