August 30, 2011
Finance Bill, 2011 reiterates CM`s formula of More Gain at Less Pain
Kolkata, August 30: Finance Minister Mr. Amit Mitra on Monday placed the West Bengal Finance Bill, 2011, in the Assembly. In a nutshell the Bill reiterated the commitments made by CM Ms. Mamata Banerjee of not levying additional tax from ordinary citizens.
The Finance Bill stressed on boosting the revenue collection figure by 30%, but without levying additional taxes on items used by poor and middle class households of the state. Instead the Bill proposes to levy more tax from alcoholic and tobacco items to reach the above target under Schedule D of the Value Added Tax (VAT).
The Finance Minister also proposed changes in the stamp duty structure. The stamp duty on family properties given as gift would now be 2% instead of 0.5%, he said.
He also proposed tax relief on several items in the Finance Bill, 2011. The stamp duty charged on family settlement deeds, transfer of share, transfer of lease would come down to 2% from 6-7%.
Besides, he proposed in the Bill to generate an additional Rs. 6,000 crore through better and simplified tax collection structure in the coming financial year
