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Friday, June 6, 2014

Maharashtra BUDGET 2014-2015 Main Tax Provisions


Dear All,

The Maharashtra BUDGET for 2014-2015 is announced today 5th June, 2014 and the main tax proposals in respect of Maharashtra VAT and Profession Tax are -
  • Registration limit increased to 10 lakhs
  • VAT Audit limit raised to 1 crore from FY 2013-2014
  • Late Fee reduced to Rs.2,000/- for late upto 1 month in filing Return
  • Pending Returns can be filed with Tax, interest and Late Fee of Rs.1,000/-.
  • Retailer composition @1% of total turnover or @1.5% of taxable turnover
  • No 30(4) penal interest if additional demand as audit or investigation is less than 10% of tax paid with returns.
  • Rate of Tax on Cotton reduced to 2%
  • Profession Tax limit for salaried persons increased to Rs.7,500/-

-Minimum salary limit for Profession Tax increased from Rs. 5000 to
Rs. 7500.

-Turnover limit for registration under VAT increased from Rs. 5 lakhs to
Rs. 10 lakhs.

-Tax Rate on Cotton reduced from 5 percent to 2 percent.

-Sugarcane Purchase Tax exempted for 2013-14.

-Turnover limit for filing audit report increased from Rs.60 lakhs to
Rs.1 crore.

-Sales/Lease of copyrights of cinematographic films for theatrical
exhibition exempted from VAT for the period 1st April 2005 to 30th
April 2011.

-Composition Scheme more attractive :- Retailers to pay 1 percent of
turnover or 1.5 percent of the taxable turnover instead of VAT.

-Aeroplane spares exempted- to promote repair and maintenance industry.
Cap of Rs. 10 lakhs on Stamp Duty for pawn, pledge and hypothecation.
Sales of notified capital goods to department of Central or State
Government liable to tax at 5 percent.

-Luxury Tax exempted up to Rs.1000, 4 percent up to Rs. 1500 and
10 percent exceeding Rs. 1500.

-Concession in Luxury Tax for new hotels in "B" & " C" zone.
Reduction of late fee for VAT return from Rs. 5000 to Rs. 2000 for
delay up to one month.

For Budget Speech and Highlights, Click here


Regards,
-------
CA.C.V.PAWAR
PATIL DAWARE GIRASE PAWAR & ASSOCIATES
CHARTERED ACCOUNTANTS
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