State Budget: Focus more on urban development
Chief minister B S Yeddyurappa presented the budget for the first four months of the financial year 2009-10 in the State Legislature today. B S Yeddyurappa, who also holds the finance portfolio, announced a series of sops and tax rationalisation measures for various ailing industries like sectors like the textile industry, automobiles and tourism.
u00a0u00a0 In its effort to give the entertainment sector a fillip, the government has reduced the maximum rate of entertainment tax applicable to cinemas from 40 per cent to 30 per cent. The stamp and registration duty for land transactions has been brought down from 7.5 per cent to 6 per cent. Electronic products like TV and washing machines in defence canteen stores will be cheaper by 4 per cent. The state government has decided to charge 4 per cent luxury tax on hotels having room rate of Rs500 and above and 10 per cent for rooms that charge Rs2000 and above. However, wedding and convention hall rent will not be much affected and in fact the rents will be comparatively cheaper. Sales tax on electric vehicles has been reduced to 4 per from 8-12 per cent.
u00a0u00a0 Wine drinkers now have a reason to cheer. Yeddyurappa has announced a new comprehensive policy for 2009-10 to give a boost to wine making and consumption in the state.
u00a0u00a0 For infrastructure development of the IT capital, Bangalore, Rs2000 crore has been allocated. About 1000 new buses will also be launched to boost the public transport system.
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