BHOPAL: Finance Minister Jayant Mallaiya, explaining the rationale behind the state government taking debts, has stated that all industrialists, excluding Mukesh Ambani and Birla group, have defaulted on payment of loans.
Mallaiya said all industrialists including Tata and Dalmia are in debt. He said there is nothing wrong in taking loans as long as it can be repaid. Mallaiya said Madhya Pradesh has good track record as far repayment of loans is concerned. Mallaiya said the state cannot take loan in excess of 3 per cent of its gross domestic product (GDP) and central government is being requested to enhance the limit. He said the state’s total debt is less than the prescribed cap. Mallaiya said loan is being used in making roads across the state and doing works.
No tax on POS machines
In order to promote cashless transactions, the government has made POS machines tax-free in the state. At the cabinet meeting on Monday, it was decided to waive the 14 per cent VAT and 2 per cent entry tax on POS machines. Mallaiya said the relaxation is aimed at encouraging installation of POS machines by businessmen. He, however, said that the tax imposed on online purchases in the state would continue. He admitted that the registration of property sale deeds has fallen after note ban though the impact on commercial tax revenue was minimal. He, however, said the commercial tax collection may fall this month.
No prohibition proposal as of now: Mallaiya
Madhya Pradesh government on Monday clarified that there is no proposal to ban liquor (prohibition) in the state as of now. “There is no such proposal under the discussion of the state government,” MP Finance Minister Jayant Mallaiya told reporters when asked about the reports of imposition of total prohibition in the state. While participating in a meeting with police officers last week, Chief Minister Shivraj Singh Chouhan had directed them to conduct a survey on tendency of crimes due to liquor addiction and increase in its rate.
