Highlights of Tax Proposals in Maharashtra State Budget 2015-2016

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  •          Local Body Tax to be abolished from 1st August
    2015. Compensation of Revenue by enhancing VAT tax rate.
  •          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 per cent to 5 per cent.
  •          Work Book, Graph Book, Drawing Book and
    Laboratory Book for student’s tax free.
  •          Tax rate on LED Bulb reduced from 12.5 per cent
    to 5 per cent.
  •          Tax rate on Guide wire used in medical treatment
    reduced from 12.5 per cent to 5 per cent.
  •          Some medicines for treatment of Cancer tax free.
  •          Reduction of late fee for VAT Return from Rs.
    2000 to Rs.1000.
  •          Tax concession on essential commodities
    continued for one more year.
  •          No VAT on Service Tax.
  •          Rate of Excise Duty on Country liquor to be at
    200 per cent of manufacturing cost or Rs. 120 per proof liter, whichever is higher.
  •          Mobilisation of Revenue by enhanced premimum on
    additional FSI.
  •          Entry Tax on import of Long Steel in State.
  •          Tax rate on Plain & Pre-laminated Particle
    Board enhanced from 5 per cent to 12.5 per cent.

Related posts:

  1. Highlights of the Maharashtra State Interim Budget 2014
  2. Maharashtra Government started single window online services for Investors for 31 different types of services
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