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Have to wait for Union Budget: Minister on high oil prices

Tuesday, 1 July 2014 - 4:26pm IST | Agency: PTI

People will have to wait for the Union Budget to see if there can be any relief from rising prices of petroleum products in the state, Madhya Pradesh Finance Minister Jayant Malaiya said today.

"We are waiting for the presentation of central budget and after that only we will see on the issue," the Minister told reporters on the issue related to rising prices of petroleum products, after presenting his maiden budget in the state Assembly. He said earlier also the state had reduced tax on Aviation Turbine Fuel (ATF) which it had not reduced while presenting the regular budget.

"The resources of the state are limited and it has a lot of social obligations to meet, including making provisions for infrastructure development. After presentation of the central budget which is coming soon, we will see," Malaiya said.

Answering a question, he said bells, trident, some other related religious items and idols of gods and goddesses (other than made of gold, silver and other precious metals) have been exempted from VAT after taking suggestions from a number of persons and bodies, including CII. This budget will provide relief to all sections of the society, specially farmers, he said.

The entry tax on goods has been reduced from 13% to 5%. The Minister also informed that the total expenditure for 2014-15 is Rs 1,17,040.99 crore. The state will have a revenue surplus of Rs 4,479 crore for 2014-15, while the fiscal deficit is estimated to be at Rs 13,425.48 crore, he said.

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