Bhopal, Feb 25 (IANS) Madhya Pradesh Finance Minister Jayant Malaiya Wednesday presented a Rs.1,31,199 crore budget for 2015-16 which slashes value added tax (VAT) on 40 products and makes farming equipment tax-free.
While VAT has been reduced to five percent from 13 percent on 40 products, it has been doubled on tobacco-free pan masala. Besides, the cost of sand, pebbles and flooring stones has been increased in the budget.
The minister has proposed non-planned expenditure of Rs.70,850 crore and planned expense of Rs.60,049 crore.
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