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(1) The agency may, by a resolution, at the time of final adoption of the budget estimates for the next financial year, subject to the provisions of the Act and subject to such limitations and conditions, specific or general order as may be prescribed by the State Government in this behalf- ( a) Impose any of the taxes or user charge specified in the Act;
or
(b) Increase ·the rates of taxes or user charge already imposed.
(2) The resolution as referred to in sub-section (I) shall contain- ( a) in case of imposition of any tax or user charge, the provisions under which such tax or user charge is being imposed, class 1'.f~ ~, ~ 14 i:rr=cf 2016 222 (257) of persons or description of property to be taxed, the amount or rate of tax or user charge being imposed, system of assessment and collection to be adopted and the date from which imposition of such tax or user charges shall take effect;
(b) in case of increase of rate of any tax or user charges, the prevailing rate of such tax or user charges, the proposed increased rate of such tax or user charges and the date from which increase of rate of such tax or user charge shall take effect.
(3) The resolution, as passed, shall be conclusive evidence of the imposition of a new tax or user charge; or increase of rate of any tax or user charge, as the case may be:
Provided that prior approval of the State Government will be required for imposition of any tax and if the agency decides to have supplementary taxation during the financial year; it may do so from such date as the agency may resolve after getting approval from the State Government.