In an election-friendly budget, the civic body has slashed Octroi on diamonds from 2 per cent to 0.01 per cent for the next fiscal
In an election-friendly budget, the civic body has slashed Octroi on diamonds from 2 per cent to 0.01 per cent for the next fiscal
IN a move it sees as a win-win one for itself, traders and end consumers, the BMC has decided to slash
octroi on diamonds from 2 per cent to 0.01 per cent in its budget for the next fiscal.
Elated traders say they will pass on the monetary benefits accrued from this to consumers, who will feel a lesser pinch on their pockets when they buy the gemstone from April 1 onwards.
Reading out the highlights of the budget, Municipal Commissioner Subodh Kumar said, "Many diamond merchants are moving out of Mumbai and many others do not pay the octroi.
This results in a loss for the city. By slashing the rate, we will make more profit because more people will pay the octroi which will now be a negligible amount."
"With the reduced rate, the amount accrued from octroi on diamonds is expected to go up from Rs 2 crore to Rs 9 crore," he added.
Welcoming the move, Ashwin Mehta, one of the leading diamond merchants of the city, said, "Merchants move to places where they get benefits.
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People were shifting their diamond businesses to other places as they did not have to pay so many taxes. This is a wise move by the administration and it will help retain the city's diamond traders."
He said the move will also ensure that consumers will have to pay less for diamonds once the budget is implemented.
No more potholes?
Fed up with the bad condition of roads and the constant criticism the issue attracts from the media and the people, the BMC has made special provisions in the budget to keep the roads pothole free.
"In the last four years, an average of Rs 40 crore has been spent on repairing roads every year but potholes have still been a problem.
In order to avoid the recurrence of such a situation in the next monsoon, a planned programme has been chalked out to undertaking spot repairs.
Dot holes that may develop into potholes will be attended to on a war footing before the onset of the monsoon so that they do not turn into potholes," reads the budget.
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