The Budget proposes to do away with plantation tax levied on individual owners.
According to the budget papers, the proposal is part of the package of measures to tackle the crisis in the plantation sector and is expected to result in a potential revenue loss of Rs.2 crore. However, plantation tax will continue to be levied from companies, societies or trusts.
Tax exemption for rubber wood, pyrolysis oil, gypsum wall panels made by FACT, and recycling of plastic and electronic waste, exemption on VAT for LNG, and reduction of tax on electronic goods and systems used by the defence sector are some of the other concessions announced in the Budget.
