Budget Blues: Cigarettes, electricity to cost more
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- Business & Industry
- Wednesday, 20 February 2013 15:51
- Published on Wednesday, 20 February 2013 15:51
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Gujarat Global News Network, Ahmedabad
Finance Minister Nitin Patel announced the budget of the Gujarat government today for the year 2013-14.
The minister announced a 5% increase of the tax on cigarettes. The tax on cigarettes will now be 30%. Also sale of second hand vehicle will incur sales tax of 1% with max of Rs 500 for two wheelers and a ceiling of Rs 5000 for medium and heavy commercial vehicles. Also electricity will cost more, duty on it has increased by 15 paisa per unit. Carbon credit tax of 5% has also been introduced.
There is some relief for the lower income group with the government deciding to provide professional tax exemption for people with salary of upto Rs 6000. Also the 5% VAT on educational tools abolished.
Companies and trades with turnover of upto Rs 75 lakh will now be able to benefit with the lump sum VAT option. Earlier the limit was Ra 50 lakh. In the budget, there is total new taxation of 289 Cr and relief of Rs 245 Cr for the people of Gujarat.
Setting up of a Skill University and Gujarati Skill Development Corporation to address the requirement of skill pool was announced. Also a Gujarat Research and Innovation Fund to promote strategic partnerships in research and exchange programmes will be set up.
The finance minister said that the state will increase its energy capacity by 3665 Mw. Further, the gas grid network would be extended by 800 km to add to its existing 2152 km network.
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