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.

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Added: March 23, 2007 Source: Agencies
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