NEW DELHI: Maharashtra government’s Budget for 2015-16 proposed new taxes worth Rs 643 crore. However, government did not make any changes in stamp duty.
Residential and Commercial property purchases in Mumbai are expected to become dearer as the state finance minister Sudhir Mungantiwar plans to allow additional floor space index (FSI) with premium.
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The government has proposed to enhance FSI limit to 0.60 from 0.33 and increase the rate of premium in the Brihan Mumbai Municipal Corporation (BMC) limit. Further, the government also plans to hike the rate of premium on grant of all kinds of additional FSI in Municipal Corporation and municipal council limits.
Currently, the premium charged by BMC was Rs 1,500 per sq ft which is expected to increase to Rs 3,000 to 9,000 per sq ft in various parts of Greater Mumbai. Realty players are expected to pass on their burden on the property buyers.
Other tax proposals include 5% entry tax on import of Long Steel in state, increase in tax rate to 12.5% from 5% on plain and pre-laminated particle board. This apart, the minister has revised excise duty rate on country liquor at 200% of manufacturing cost or Rs 120 per proof litre, whichever is higher.
The minister, in a bid to please the women voters, announced that no professional tax will be applicable to those drawing salary upto Rs 10,000 per month from the present level of Rs 5,000. This will benefit nearly 1.50 lakh employed women in the state.
