The Maharashtra state budget for 2017 was presented by Finance Minister Sudhir Mungantiwar on March 18, 2017. The budget had a number of important announcements, including a farm loan waiver and the implementation of the Goods and Services Tax (GST).
One of the most significant announcements made in the Maharashtra state budget 2017 was the farm loan waiver. The state government announced that it would waive off loans of up to Rs 1.5 lakhs taken by farmers until September 30, 2016. The waiver is expected to benefit around 1.07 crore farmers in the state and will cost the government around Rs 34,000 crore.
The farm loan waiver is aimed at providing relief to farmers who have been suffering from drought and other natural calamities for the past few years. With this waiver, the government hopes to reduce the burden of debt on farmers and help them get back on their feet.
The Maharashtra state budget 2017 also included the implementation of the Goods and Services Tax (GST). The GST is a comprehensive indirect tax that will replace all other indirect taxes in India. It is expected to simplify the tax structure and make it more transparent.
The GST will be implemented in India from July 1, 2017. Maharashtra is one of the states that will be most affected by the GST, as it is a major economic hub in the country. The state government has been preparing for the implementation of the GST and has set up a committee to oversee its rollout.
Aside from the farm loan waiver and the GST, the Maharashtra state budget for 2017 had several other important announcements.
The government announced that it would set up a new corporation to promote entrepreneurship in the state. The corporation, called the Maharashtra State Innovation and Start-up Policy, will be responsible for providing funding and other support to start-ups and entrepreneurs in the state.
The budget also included a focus on improving infrastructure in the state. The government announced that it would spend Rs 18,000 crore on the construction of new roads and bridges in the state. It also announced plans to invest Rs 4,000 crore in the Mumbai Metropolitan Region Development Authority (MMRDA) for the construction of new metro lines in the city.
The government also announced that it would increase the state's revenue through the sale of government land. It plans to sell around 1,000 acres of land in the state, which is expected to generate around Rs 5,000 crore in revenue.
The Maharashtra state budget for 2017 had a number of important announcements that will have a significant impact on the state's economy. The farm loan waiver and the implementation of the GST are two of the most significant announcements. The government's focus on improving infrastructure and promoting entrepreneurship in the state is also a positive step. It remains to be seen how these announcements will be implemented and what impact they will have on the state's economy in the long run.
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