February 25, 2010 2:30 PM

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MP Budget: Entry Tax raised on electrical & electronic equipments

In Madhya Pradesh, electrical and electronic equipments, color television sets, electronic toys and entertainment equipments, cosmetics, confectionary items, photocopying machines and other office equipments will be costlier from next financial year as the state government has decided to raise entry tax on these items from one percent to two percent. Presenting the state budget for the year 2010-11 in the legislative assembly today, finance minister Raghavji said that in the wake of price rise food grains, pulses salt, sugar and flour will be remain exempted from VAT as earlier.<br/><br/>The state budget proposed a total expenditure of 51 thousand five hundred seven crores for the next financial year with a revenue surplus of one thousand five hundred eighty crores. It provides 49.6 percent more for rural development, 104 percent more for urban infrastructure, 22 percent more for agriculture sector, 9.5 percent more for education and 13.8 percent more provision for health in comparison to current financial year budget estimates. Facing strong criticism from the opposition for not fulfilling its election promise in this regard, the state government has also announced to reduce short term farm loan interest rate from five to three percent. It will also start Mukhayamantri Gram Sadak Yojna for the villages having population up to 500.

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