Maha bud­get fo­cuses on farm sec­tor; VAT hiked

Hindustan Times ST (Mumbai) - HT Navi Mumbai Live - - FRONT PAGE - Ke­taki Ghoge ke­taki.ghoge@hin­dus­tan­times.com

MUM­BAI: Tak­ing the lead from the Union bud­get, the state’s fi­nance min­is­ter Sud­hir Mun­gan­ti­war made the ail­ing farm sec­tor the fo­cus in his bud­get for 2016-17, an­nounc­ing Rs26,819 crore for agri­cul­tur­ists. But crit­ics panned the bud­get for lack­ing over­all vi­sion and the di­rec­tion to pull the state’s ru­ral econ­omy out of cri­sis. For you, the agrar­ian spend­ing, com­bined with bur­den of pop­ulist de­ci­sions by the govern­ment, would mean more money off your sav­ings.

The bud­get has made way for a marginally high Value Added Tax of 0.5% on more than 80-odd items, rang­ing from hair­pins to coir mat­tress, coffee beans, Ayurvedic medicines, pres­sure cookers, buck­ets, pizza bread and hawai chap­pals, all of which will now have a VAT of 5.5%, in­stead of the ear­lier 5%.

Buy­ing a two-wheeler will also cost you more, with mo­tor ve­hi­cle tax on bikes hiked in the range of 8% to 10% from the ex­ist­ing flat 7%, based on en­gine ca­pac­ity.

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