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Maharashtra deficit budget cuts VAT on natural gas, amnesty for GST-Stamp Duty

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Maharashtra Deputy Chief Minister and Finance Minister Ajit Pawar on Friday presented the state Budget 2022-2023 with a revenue deficit of Rs 24,353 crore, with a slew of major announcements like an amnesty scheme for GST and stamp duty and reduction in VAT for natural gas.

The government estimates revenue receipts of Rs 403,427 crore against a revenue expenditure of Rs 427,780 crore, ot a shortfall of Rs 24,353 crore, in the Maha Vikas Aghadi (MVA) government’s third annual budget.

Pawar unveiled a ‘Panchasutri’ (5-Point) development programme encompassing agriculture, health, human resource, transport, and industry, for the state with a total outlay of Rs. 115,215 crore, besides other sops and proposals.

Under this, the government proposes to spend Rs 23,888 crore for agriculture and allied sectors, Rs 5,244 crore for health, Rs 46,667 crore for human resources, Rs 28,605 crore for transport infrastructure and Rs 10,111 crore for industry and energy sectors, with plans to spend over Rs 400,000 crore in the next three years, said Pawar.

Chief Minister Uddhav Thackeray, MVA leaders of Shiv Sena-Nationalist Congress Party-Congress including Eknath Shinde, Hasan Mushrif, Nana Patole and others lauded the budget as “visionary” while the Bharatiya Janata Party Leaders of Opposition Devendra Fadnavis and Pravin Darekar and Union MOS for Finance Bhagwat Karad slammed it as “direction-less”.

Pawar has introduced a first-ever Amnesty Scheme 2022 for the Goods & Sales Tax Department which will be applicable from April 1-September 30 this year.

Under this, there will be a complete waiver of the arrears of Rs 10,000 or less per year as per any statutory orders for various tax laws in the state, which would benefit around 100,000 small dealers.

Another aspect of the amnesty scheme for those having arrears of Rs 10 lakh or less till March 31, 2022, can pay a lump sum of 20 per cent of their total arrears and the remaining 80 per cent shall be waived, benefitting over 220,000 such cases of medium dealers.

The government has announced steep reduction in VAT on natural gas – from 13.5 per cent to just 3 per cent – which will hugely benefit households with piped natural gas connections and CNG power vehicles, while the state will incur a revenue shortfall of around Rs 800 crore.

Pawar also announced an Amnesty Scheme under the Stamp Act from April 1-November 30, for pending penalties dues to the government whereby there will be a shortfall of around Rs 1,500 crore.

For any land donations free to any local government bodies, Pawar has announced a complete exemption of the 3 per cent stamp duty on the gift deed or 5 per cent on sale deed, by which the state exchequer will lose around Rs 21 crore.

For gold-silver delivery order documents imported in Maharashtra which currently attract a 0.1 percent stamp duty, Pawar announced a complete waiver leading to a revenue shortfall of Rs 100 crore.

To boost water transport in the state, he announced a 3-year tax holiday from January 1, 2022 on the tax levied by Maharashtra Maritime Board on passengers, animals, vehicles, goods ferried by boats or roll on-roll off vessels in the state.

National News

SC orders Sanjay Raut’s physical presence in contempt case on Nov 17

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The Supreme Court on Wednesday directed Shiv Sena(UBT) Rajya Sabha member Sanjay Raut to appear physically before it on November 17 in a criminal contempt case over his alleged remarks against the Chief Justice of India (CJI).

A Bench of Justices Aravind Kumar and Vipul M. Pancholi also directed senior journalist Nikhil Wagle, the other proposed contemnor in the matter, to appear virtually on the next date of hearing, while observing that, if required, he could be asked to appear physically the following week.

The development comes after the Supreme Court Bar Association (SCBA) initiated contempt proceedings against Raut and Wagle over their alleged remarks against CJI Surya Kant.

During the hearing, the Justice Kumar-led Bench was informed that Raut had filed a reply affidavit, but a copy of it was not available on record.

The apex court directed the registry to place the affidavit on record and ordered the Shiv Sena(UBT) MP to remain physically present at the next hearing.

Senior advocate Pradeep Rai, appearing for the SCBA, submitted that Raut had made further remarks and that Wagle had deleted the post only after the notice was served. He also referred to Raut’s subsequent social media posts about the burning of the Supreme Court of Albania and the possibility of something similar happening in India.

Meanwhile, senior advocate Indira Jaising, appearing for Wagle, drew the top court’s attention to his detailed affidavit, in which he tendered an unconditional apology for the controversial social media post and sought discharge of the show-cause notice.

Jaising submitted that Wagle had expressed deep regret and did not intend to justify his remarks.

Taking note of Wagle’s deletion of the post and expression of remorse, the Justice Kumar-led Bench said he should appear virtually on the next date of hearing, with the possibility of physical appearance to be considered later.

On October 16, the Supreme Court issued notice to Raut and Wagle on the criminal contempt petition filed by the SCBA, asking them to show cause why contempt proceedings should not be initiated against them. At that stage, the top court had exempted them from personal appearance.

The controversy arose after Raut claimed during a media interaction on October 12 that he had seen 60 to 70 judges, including the CJI, playing badminton with BJP leaders in London.

The remarks came after the CJI declined to meet the Leader of Opposition in the Lok Sabha, Rahul Gandhi, and Congress president Mallikarjun Kharge, to receive a memorandum concerning the Special Intensive Revision (SIR) of electoral rolls.

The CJI had said that convening such a meeting to discuss pending cases would run contrary to the constitutional principle of separation of powers.

The SCBA had submitted that it was pained to initiate contempt proceedings but felt that ignoring such remarks could encourage similar statements against the judiciary. The matter will now be heard on November 17 at 2 p.m.

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Business

Adani Enterprises’ Q2 revenue jumps 74 pc to Rs 38,023 crore; EBITDA rises 62 pc

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Adani Enterprises Limited (AEL), the flagship company of the Adani Group, on Wednesday reported a strong financial performance for the second quarter of FY27, with consolidated revenue surging 74 per cent year-on-year (YoY) to Rs 38,023 crore.

EBITDA increased 62 per cent year-on-year to Rs 6,316 crore, while continuing profit before tax (PBT) surged 146 per cent to Rs 2,002 crore, according to its stock exchange filing.

Adani Group Chairman Gautam Adani said that the company’s strong earnings growth reflected the maturity of investments made over the past several years and the ability of multiple businesses to achieve scale.

“We live in an age of such intense disruption that the scale of our ambitions must continuously grow. What Adani Enterprises has become very effective at is turning increasingly large and complex commitments into execution at scale across our businesses,” Gautam Adani stated.

“Our investments in integrated energy, airports and AI ecosystems are recent examples. Perhaps, the strongest validation of our execution capabilities is the trust domestic and global investors continue to place in us, choosing to partner with us even amid extreme volatility,” the Adani Group Chairman noted.

For the first half of FY27, consolidated revenue rose 62 per cent to Rs 71,569 crore, while EBITDA climbed 56 per cent to Rs 11,958 crore.

Continuing PBT during the six-month period grew 45 per cent to Rs 3,297 crore. AEL said earnings were supported by the rapid ramp-up of its copper business, which contributed EBITDA of Rs 2,033 crore during the first half of the financial year.

The copper plant continued to scale up production, with sales volumes increasing 5.2 times year-on-year in H1 FY27.

The company also recorded progress across its emerging businesses. Adani New Industries Limited (ANIL) expanded its solar module manufacturing capacity to 10 GW after commissioning a 4.3 GW ‘TopCon’ module line in September 2026.

In the digital infrastructure segment, ‘AdaniConnex’ secured a new hyperscale order of 240 MW for its Navi Mumbai data centre.

AEL’s financial profile also received a boost during the quarter after CARE Ratings upgraded its long-term credit rating to AA with a ‘Stable’ outlook, the highest credit rating achieved by the company in its history.

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National News

J&K Police intensifies crackdown on regulated materials

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Jammu and Kashmir Police said on Wednesday that it has intensified inspections of regulated materials across various districts.

Officials said police have intensified inspections of businesses dealing in regulated and potentially sensitive materials across several districts, with checks targeting fertiliser, chemical, pesticide and hardware shops, besides other commercial establishments, to prevent unauthorised sale or misuse of such items.

In Baramulla district, police inspected hardware shops, pesticide outlets and car dealerships in Pattan, verifying licences, permits and mandatory records. All inspected establishments were found compliant with the applicable regulations.

In Reasi, police inspected 62 shops dealing in fertilisers, chemicals and other regulated materials, scrutinising stock details and sale registers. Shopkeepers were directed to maintain proper records and install CCTV cameras. Inspections of medical shops, SIM vendors and online service providers were also reported.

In Bandipora, police conducted checks on SIM-card vendors at Ajas and fertiliser outlets falling under Police Station Aragam and Police Post Sumlar, directing businesses to maintain accurate records and strengthen surveillance.

In Ramban, police inspected shops dealing in fertilisers, seeds and explosive materials to verify stocks, licences and other records and prevent unauthorised sale or diversion of regulated items.

The inspections form part of preventive security measures aimed at strengthening oversight of sensitive commercial supplies and identifying possible violations before materials can be diverted for unlawful purposes.

During inspection, police checked stocks, licences and relevant records maintained by the establishments. The exercise was aimed at preventing the misuse of regulated materials and ensuring their lawful handling and storage.

Police said the inspection was part of preventive measures being undertaken to maintain public safety and law and order during festive celebrations.

Shopkeepers and dealers were advised to adhere to applicable laws and cooperate with the authorities during inspections.

Inspecting identity verification protocols for customers making large or unusual purchases of sensitive items was carried out.

Inspections are meant to ensure proper and secure storage conditions to prevent theft, accidents, or misuse.

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