INDIA: Govt exempts textile processing industry from tax

MUMBAI: The Maharashtra state government in budget 2007-08 has exempted the textile processing industry from tax till imposition of vale added tax (VAT) is permitted on textiles.

The finance minister of the state, Shri Jayant Patil has presented the Budget 2007-08 on 22nd March 2007 by putting stress on infrastructure development, without adding to the tax burden.

The annual plan for the year has been fixed at Rs 20,200 crore; whereas the revenue surplus of Rs 510.68 crore is expected.

The fiscal deficit as compared to gross state domestic product is 3.14 percent in 2006-07 and will be 1.97 percent in the year 2007-08, while the gross state domestic product is expected to increase by 9.3 percent during the same period.

The minister has given special attention to infrastructure and social sectors and also with a view to give relief to distressed farmers, various development activities have been provided to them through special packages for six districts in Vidharbha region.

A provision of Rs 450 crore has been proposed for giving financial assistance of Rs 1500 per hectare to all cotton-growing farmers in Vidharbha state and further loans would be provided to them at 6 percent interest.

The exemption and concessions granted to Solapuri Chaddhar has been decided to continue for another six months.

Overall, the budget was aimed at containing inflation and mobilizing revenue for infrastructure projects.

Send your News/Releases for publication to [email protected]
Added: March 23, 2007 Source: Agencies
Start script - 1548004827.1717 Start news id check - 1548004827.1717 After news id check - 1548004827.1721 After cookie_code - 1548004827.9371 Before news detail - 1548004827.9371 After news detail - 1548004827.9383 Start cat select - 1548004827.9383 After cat select - 1548004827.9386 before preg replace - 1548004827.9386 After preg replace - 1548004827.9386 Before tag engine - 1548004827.9386 After tag engine - 1548004827.9436 Before mptt engine - 1548004827.9436 After mptt engine - 1548004827.9436 Before related engine - 1548004827.9436 After related engine - 1548004827.944 Before update hits - 1548004827.944 After update hits - 1548004827.9442 After update news_hits - 1548004827.9466 After mem_only_views - 1548004827.9467 -------------------------------------------------- Total Exec time:- 0.77509999275208
AddThis Social Bookmark Button   Tell a friendBookmark AddThis Feed Button
Related News:

Website design by InWiz • © - 2000-2019. Internet Wizards All rights reserved. About usTerms & ConditionsDisclaimerPrivacy policy • 20-01-2019