No new tax proposed in Jharkhand budget

Ranchi, Mar 3: Jharkhand government on Tuesday presented an estimated total budget of Rs 55,492.95 crore for 2015-16 fiscal. Rs 23,356.11 crore has been put under non-plan head while Rs 32,136.84 crore is under plan head, Chief Minister Raghubar Das said in his speech in the House.

Stating that the government has not proposed any additional tax, Das said revenue is expected to grow through royalty on minerals (coal/iron ore).

The government proposes to reduce VAT from the present 5 per cent to 2.5 per cent on pig iron, steel scrap, iron ore, pellet and fero to encourage Micro, Small and Medium Enterprises, he said.

The government also proposes to reduce tax from the present 14 per cent to five per cent on plywood, blackboard and laminate, besides abolishing hotel entertainment taxes on dharamshalas and community bhavans.

There would be a rebate on immovable property owned by women to encourage more property in their, the chief minister said.

PTI