Shillong (Meghalaya ), Feb 17 : The Cabinet today approved the reduction of taxes for petrol and diesel .
The cabinet regularized the reduction of taxes for petrol and diesel and approved new rates of tax for the same.
This is regarding the decision made by the Govt on rebate of Rs. 2 per litre from the tax component of retail of petrol & diesel and the approval for the new rates announced last week and yesterday respectively.
The Cabinet also approved the proposal to allow extension of time for payment of stamp duty short paid on mining lease. Mining lease holders to pay 100% for the stamp duties against 50%.
All mining leaseholders has pay the remaining 50% of the mining lease with half of it to be paid immediately and the other half within March 31 .
Moreover , the cabinet a approved the Amendment of the Meghalaya Fiscal Responsibility and Budget Management Act, 2006 as due to Covid financial situation.
The Centre allowed States to borrow an additional 2% and accordingly, the FRBM Act needed to be amended and an ordinance was passed to amend the Act to allow the State Government to take 5% of the overall GDP as debt which was initially at 3%.