No new taxes in budget for 2014-15, says MP government

The Madhya Pradesh government on Tuesday proposed no new taxes in the budget for 2014-15, that projects a fiscal deficit of Rs 13,425 crore.

Presenting the budget in the state Assembly in Bhopal, Finance Minister Jayant Malaiya said that 34 implements used in agriculture have been exempted from tax. Besides, butter, flush doors, ceramic and vitrified tiles have been made cheaper, he said.

The fiscal deficit was at 2.98 per cent of the Gross Domestic Product (GDP) and it was well within the prescribed limits, he said.

The Minister also proposed to end taxes imposed on transportation of tendu leaves and pointed out that this would cause a revenue loss of Rs 3 crore.

He said that for rationalisation of VAT, its rate has been reduced from 13 per cent to 5 per cent.

This would apply to many things, including thermal insulators used for industrial input, computer scanners and X-ray films, he said.