Maharashtra state Budget for Fy 2014-15

Maharashtra Budget 2015-16: Tax Proposals

* Local Body Tax (LBT) to be abolished from 1st August 2015. Compensation of Revenue by enhancing VAT tax rate.
* Mobilization of Revenue by enhanced premium on additional FSI. FSI limit raised from 0.33 to 0.60 in Mumbai.
* Women drawing salary upto to Rs.10000 per month exempted from Profession Tax .
* Tax rate on ladies Hand Bags and Purses reduced from 12.5% to 5%.
* Work Book, Graph Book, Drawing Book and Laboratory Book for student's tax free.
* Tax rate on LED Bulb reduced from 12.5% to 5%.
* Tax rate on Guide wire used in medical treatment reduced from 12.5% to 5%.
* Some medicines for treatment of Cancer tax free.
* No VAT on Service Tax.
* Rate of Excise Duty on Country liquor to be at 200% of manufacturing cost or Rs 120 per proof liter, whichever is higher.
* 5% Entry Tax on import of Long Steel in State.
* Tax rate on Plain & Pre-laminated Particle Board enhanced from 5% to 12.5%.
* Reduction of late fee for VAT Return from Rs. 2000 to Rs.1000

-Regards
CA. C. V. PAWAR