The Finance Bill presented by Finance Minister Amit Mitra in the West Bengal Assembly on Monday has made several other changes, including tax exemption on several items and rationalising the property tax structure.
Accordingly, stamp duty has been brought down from 7-8 per cent to 2 per cent in case of transfer of immovable property.
But in case of a property being gifted to any one in the family, stamp duty will increase to 2 per cent from the earlier 0.5 per cent.
The government has made registration for hotels and restaurants mandatory. It has also made a provision for charging penalties ranging from 25 per cent to 150 per cent in case the input tax credit claimed is in excess of the admissible amount.
There is good news for the medical sector as instruments such as cervical spinal collars, walking sticks, wheelchairs and walking aids have been exempted from the tax net.
Raw silk manufactured in the country and salwar suits pieces have also been exempted from tax.
On the other hand, the government has reduced tax on costume and fashion jewellery, paper and plastic plates, washer, organic solvent oil and on all parts of pens from 13.5 per cent to 4 per cent.