The Maharashtra budget, presented by Deputy Chief Minister Ajit Pawar in the assembly on Monday, proposed several tax hikes, making vehicle ownership and property transactions more expensive for residents.
The upper limit of motor vehicle tax, previously capped at Rs 20 lakh, has been raised to Rs 30 lakh. This move is expected to bring in an additional Rs 170 crore in revenue for the state in the upcoming financial year, according to NDTV Marathi.
In a further blow to vehicle owners, privately owned compressed-natural-gas and liquefied-petroleum-gas cars will see a 1% increase in vehicle tax, adding Rs 150 crore to state coffers.
Cranes and compressors will now have a 7% vehicle tax, generating an estimated Rs 180 crore. Light goods vehicles and other light vehicles will also be taxed at 7%, contributing Rs 625 crore in additional revenue.
Property buyers and sellers will also feel the pinch as the government has proposed a hike in stamp duty on supplementary documents. Instead of Rs 100, buyers will now have to shell out Rs 500 for every additional document used in a single transaction, reported NDTV Marathi.
Highlights
Pawar announced a new industrial policy with an investment target of Rs 40 lakh crore and generation of 50 lakh jobs. The finance minister added that the Mumbai Metropolitan Region would be developed into a $1.5 trillion economy by 2047.
The motor vehicle tax on CNG cars will rise 1% across slabs with effect from April 1. Electric vehicles priced above Rs 30 lakh will be taxed at 6%. The hike is expected to generate Rs 150 crore in fiscal 2026. Maharashtra accounts for 15% of India’s electric car sales, with 15,044 EVs sold in 2024 and over 2 lakh CNG cars sold in the current fiscal.
The state has allocated Rs 36,000 crore for the Ladki Bahin scheme for women empowerment. However, no hike in allowance from Rs 1,500 to Rs 2,100, as promised earlier, was announced.
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