Maha FM presents revenue deficit budget; introduces GST amnesty scheme

Maharashtra Deputy Chief Minister Ajit Pawar on Friday presented a revenue deficit budget while announcing an amnesty scheme for the Goods and Services Tax (GST) payees.

Tabling the third budget of the Shiv Sena-NCP-Congress government in the Legislative Assembly, Pawar, who holds the finance portfolio, said a provision of Rs 1,50,000 crore has been made for the annual plan. As per the budget estimates, revenue receipts would be to the tune of Rs 4,03,427 crore, and revenue expenditure at Rs 4,27,780 crore.

There would be thus a revenue deficit of Rs 24,353 crore, Pawar said. The tax revenues as per the revised estimate for year 2021-22 would be Rs 2,75,498 crore. This includes revised estimate of Rs 1,55,307 crore on account of GST, VAT, Central Sales Tax, Professional Tax and other important taxes. There would be an amnesty scheme for GST arrears, to be called the'Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Scheme, 2022', the finance minister said. The duration of the scheme will be from April 1, 2022, to September 30, 2022 and it is estimated that medium-level dealers will be benefited in almost 2.2 lakh cases due to the scheme. Under this amnesty scheme, on payment of lumpsum amount of 20 percent, waiver will be granted for remaining 80 percent of arrears. In other concessions, the 3 per cent stamp duty on gift deed and 5 percent stamp duty on sale deed will be exempted, which will cost the exchequer about Rs 21 crore. Reduction of VAT on natural gas will cause a revenue loss of Rs 800 crore, the Budget document said. Amnesty scheme under the stamp act for pending penalty dues will cost the government Rs 1,500 crore.