Maharashtra Budget 2023 top announcements: Waiver on professional tax, stamp duty discount and more

Maharashtra deputy chief minister Devendra Fadnavis, who is also the state finance minister, on Thursday presented the Eknath Shinde-led government's first budget for the year 2023-24 in the state assembly. The Maharashtra Budget announced several schemes for the welfare of citizens. Here's a look at those:

Maharashtra government announced a waiver on professional tax for women earning up to Rs 25,000 per month. Earlier, women with a monthly salary of more than Rs 10,000 had to pay professional tax.

Women buyers of housing properties will continue to enjoy the 1 pe cent concession in stamp duty. However, the condition that she cannot sell a residential unit to a male buyer for a period of 15 years will be relaxed.

According to Nitin Bavisi -CFO at Ajmera Realty and infra India ltd, the move will encourage a sense of homeownership amongst women.

"The budget was well in line with the infra push announced in the Union Budget. The move towards boosting the infrastructure and connectivity through Maharashtra will open up opportunities for various segments of real estate developments comprising residential, retail, commercial and warehousing. The connectivity boost will drive the rise of new real-estate micro-markets, thus resulting in the emergence of new epicentres of Mumbai and MMR," he said.

Professional tax is levied by the state government and applies to income an individual earns through employment. One can often find the deduction for the same on the salary slip each month. This can vary depending on the state one lives in. The maximum limit of which one can be charged is Rs 2,500. The tax is calculated based on the slabs.

A Rs 5-lakh insurance scheme was announced for the traditional fishermen with the Centre’s help. Farmers will also get crop insurance at just Re 1 as the government will pay the instalments at a cost of Rs 3,312 crore.

The Lekh Kadki scheme was announced for the girls belonging to families with yellow and orange ration cards. Under the scheme, Rs 5,000 will be given after the birth of a girl child; Rs 4,000 when the girl reaches fourth grade; and Rs 6,000 when in sixth grade. A total of Rs 75,000 will be given after the girl turns 18 years of age.

An insurance cover of Rs 1.5-5 lakh to be provided under the Mahatma Jyotirao Phule Janaragya Yojana, a health insurance scheme, to yellow, orange ration card holders, Antyodaya Anna Yojana card (AAY) and Annapurna card holders. Two hundred new hospitals will be established. A benefit of Rs 2.5-4 lakh was announced for those undergoing kidney transplant surgery.