In an effort to give a boost to the realty sector which has been hit hard due to the economic slowdown, the state government has reduced the stamp duty by 1.5 per cent from the existing 7.5 per cent.
The move is likely to rekindle the sector which has come down by almost 30 per cent.
While Rs 3415.20 crore was collected by registering 14,13,185 properties in 2006-07, collection of revenue stood at 2757.97 crore from registration of 8,70,578 properties till January 2009.
On the tax revenue front, the state has fallen short of its estimated Rs 31,876 crore collection by Rs 3,111 crore.
Commercial Taxes Tax collection from commercial taxes including VAT in 2009-10 has been estimated to be Rs 20,125 crore.
VAT Exemption available on foodgrains in the state would be extended for another year with effect from April, 1,2009.
n reduction from four to two per cent for agriculture and forest produce like tamarind and shika-kai and areca nut.
n T wo per cent for coconut and desiccated coconut powder.
n Tax totally abolished on Baje.
n T ax abolished for footwear costing less than Rs 100.
n Four per cent tax in respect of daily use items of toileteries, television sets, washing machines and similar household items sold through the armed forces canteen.
n T o extend reduced rate of four per cent on all kinds of tread rubber.
Sales Tax Sales tax exemption for diesel up to 75,000 kilo litre for use by fishermen.
PRofessional Tax Professional tax exemption limit increased from Rs 5,000 to Rs 10,000 a month.
Professional tax is also being imposed separately on individual schools being managed by the educational institutions. Professional tax exemption to school and college units up to Class XII.
State Excise Substantial increase in the consumption of Indian Made Foreign Liquor has been noticed after banning of arrack in the State.
Steps have been taken to collect higher revenue to the State from Excise. Therefore, it is estimated that revenue of Rs 6,565 crore will be realised from excise sources.
Motor Vehicle Tax Due to the significant slowdown being witnessed all over the country in motor vehicle markets in the latter half of 2008-09, the collection of Motor Vehicle Tax is expected to be about Rs 1,875 crore, which is less than this years target of Rs 2,218 crore. For the year 2009-10, collection of motor vehicle taxes is estimated to be Rs 2,063 crore.
With a view to giving a fillip to efforts to environment protection, the budget proposes a significant exemption on the lifetime tax for electricity-driven vehicles. In case of electricity-run motorcars the tax has been reduced from 12 to 8 per cent and in case of vans and two-wheelers the tax will be 4 per cent on their selling prices.
4,000 new buses to hit the roads The budget enables government-owned Road Transport Corporations to increase their fleet strength by procuring 4,000 new buses in 2009-10. In order to provide better infrastructure facilities, an assistance of Rs 100 crore will be given to these corporations.