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The budget introduced new policies and established institutions across various sectors, including finance, youth, agriculture, urban development, tourism, transport, and the tech-driven economy. The Budget aims to fulfill major promises made by the ruling Bharatiya Janata Party.

Key Points from the Press Note:

VAT and Duty Reductions:

  • Reduction in VAT rates on petrol, diesel, PNG, CNG, and aviation turbine fuel.
  • Abolition of land tax, mandi tax on sugar and jaggery, and electricity duty on auxiliary power for captive plants.
  • Reduction of stamp duty for various categories, including family property exchanges and housing for war widows.

Registration & Stamps Department:

  • Rationalization and reduction of stamp duty rates on various documents.
  • Exemptions on stamp duty for electricity connection agreements, apprenticeship deeds, and certain family settlements.
  • Full exemption on registration fees and stamp duty for government or charity-provided houses to war widows' families.

Commercial Taxes Department:

  • Introduction of a new investment policy and online portal for RIPS benefits.
  • Formulation of a new VAT Act and reduction of VAT rates on PNG, CNG, and aviation turbine fuel.
  • Promotion of local goods and services, and an integrated system for online gaming, e-commerce, and OTT services.

Transport Department:

  • Creation of an e-Vehicle Promotion Fund and reduction in motor vehicle tax.
  • Exemption from the physical presentation of vehicles during ownership transfer and reduction in tax on private service vehicles.

Excise Department:

  • Formulation of a new Excise Act to improve revenue collection and curb illicit liquor.

Mining & Petroleum Department:

  • Formulation of a new mining policy and reduction in security deposits for small mining leases.
  • Facility for installment payments for extended leases and promotion of the private sector in mineral exploration.
  • Auctioning of major mineral blocks and establishment of research centers for ceramics and rare earth elements.

Investment Promotion:

  • Exemption of NOC for land conversion near RIICO areas and formulation of a private industrial park scheme.
  • Introduction of a land aggregation and monetization policy, and deemed conversion for tourism and agro-processing investments.

Amnesty Schemes:

  • Energy, transport, colonization, VAT, mining, stamp, and excise amnesty schemes offering exemptions on interest and penalties.

Revenue Department Enhancements:

  • Introduction of e-Panjiyan 3.0 for online transactions and automation of legal procedures.
  • Restructuring of the commercial taxes department for improved efficiency.

Transport and Mining Department Modernizations:

  • Faceless management and e-detection system for the transport department.
  • Online processes, GIS-based mining block determination, and RFID & GPS tracking for mineral transportation in the mining department.

For more details, you can access the full Budget Speech, Press Note, Budget Notification, and Finance Bill through the following links:

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