Mumbai, March 6 (NationPress) In the annual Budget for 2026–27 unveiled on Friday in the state Assembly, Maharashtra Chief Minister Devendra Fadnavis introduced a series of tax initiatives aimed at generating additional revenue.

The proposal includes an increase in the green tax for non-transport (private) vehicles that meet BS-IV and lower emission standards. The new tax rates will see two-wheelers rise from Rs 2,000 to Rs 4,000, light motor vehicles (petrol) from Rs 3,000 to Rs 6,000, and light motor vehicles (diesel) from Rs 3,500 to Rs 7,000.

Moreover, a one-time tax of 7 percent on the vehicle's price for crane-mounted vehicles will now be capped at a maximum of Rs 30 lakh.

Additionally, the Budget proposes tax concessions for vehicle owners choosing to scrap old vehicles. Owners scrapping vehicles with BS-IV and higher emission standards while purchasing new ones will receive a 16 percent tax concession. In contrast, those scrapping BS-III and lower vehicles will benefit from a 30 percent concession.

Revisions to penalties under Sections 59, 60, 63A, and 68A of the Maharashtra Stamp Act will also be introduced, raising the penalty from Rs 5,000 to a potential Rs 1 lakh. This change aims to deter the execution of instruments without sufficient stamp duty.

In his Budget address, the Chief Minister noted that the state's own tax revenue is projected to reach Rs 4,09,593 crore for 2025–26 based on revised estimates, with a target of Rs 4,15,653 crore for the financial year 2026–27. He emphasized that the Budget is grounded in four principles: progressive, sustainable, comprehensive, and good governance.

According to the Budget estimates, revenue receipts for 2025–26 are estimated at Rs 5,60,964 crore, with revised receipts at Rs 6,01,489 crore. The total expenditure estimate for 2025–26 stands at Rs 7,00,020 crore, revised up to Rs 7,55,920 crore, attributed to increased capital and welfare spending.

For the fiscal year 2026–27, a provision of Rs 21,867 crore has been made in the District Annual Plan, surpassing the previous year's allocation by Rs 1,702 crore. The scheme expenditure has been set at Rs 2,75,626 crore, which includes Rs 23,150 crore earmarked for the Scheduled Caste Sub Plan and Rs 21,723 crore for the Tribal Sub Plan.

The projected total expenditure for the 2026–27 Budget is Rs 7,69,467 crore, with revenue receipts estimated at Rs 6,16,099 crore and revenue expenditure at Rs 6,55,651 crore, resulting in a revenue deficit of Rs 40,552 crore.

The Chief Minister reaffirmed that the state is committed to fiscal reforms, maintaining a fiscal deficit below 3 percent of the Gross State Domestic Product as mandated by the Fiscal Responsibility and Budget Management (FRBM) Act. Furthermore, the revenue deficit has stayed below 1 percent of the Gross State Domestic Product, with the fiscal deficit for 2026–27 projected at Rs 1,50,491 crore.