Amendments in Maharashtra Value Added Tax 2002 in additional budget 2014-2015

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Amendments in Maharashtra Value Added Tax 2002 in additional budget 2014-2015

Maharashtra Tax Laws Act (Levy short title and amendment and validation) Act 2014 is published in the official gazettes as on 26th June 2014.

The following are important amendments in Maharashtra Value Added Tax 2002

1.    Every dealer is required to get register compulsory under MVAT, whose turnover is exceeds the prescribe turnover limit as mentioned under section 3 (4) of MVAT Act. The turnover limit for the dealer other than importer is increased to 10 lakh from 5 lakh. (With Effect from 26th June 2014)

2.    If turnover of dealer is less than Rs. 10 lakh during the financial year 2013-2014, such dealer may apply to commissioner for cancellation of registration on or before 30th September 2014. Commissioner after inquiry as he deem fit, may cancel the registration with effect of 1St October 2014.

3.    Penalty for non filing of return is Rs.2000 if dealer return filed within a period of 30 days from the expiry of due date of filing such return. After 30 days from the expiry of due date of filing of return, penalty applicable is Rs.5000. (Applicable from 01/07/2014)

4.    Every dealers is required to get his books of accounts audited if his turnover exceeds the prescribe limit. The prescribe limit of turnover (sale or purchases) is increased to rupee one crore from rupee sixty lakh in any year. Accordingly section 61 is amended.

5.    Followings are the changes in the schedule entry

Following entry is inserted in the Schedule A (NIL tax rate)

26A Copyrights, for distribution and exhibition of cinematography films in theaters and cinema halls, sold during
the period commencing on the 1St April 2005 ending on the 30th April 2011.

Following entries are inserted in the Schedule C

55A Tools, alloys and special steels of any of the categories, specified in clause (x) to clause (xv) of entry 55 of this schedule, sold during the period commencing on the 1st April 2005 and ending on the 30th April 2011. (Tax rate is 4%)

55B Tools alloys and special steels of any of the categories, specified in clause (x) to clause (xv) of entry 55 of this schedule, sold on or after the 1st May 2011. (Tax rate is 5%)

6.    Salary exemption limit for charging professional tax is increased to Rs.7500 from Rs.5000.

Maharashtra Tax Laws Act (Levy short title and amendment and validation) Act 2014 in Marathi

Related posts:

  1. Amendments in Various Acts administrated by Maharashtra sales tax department due to budget proposal for the year 2014-15
  2. Special Amnesty Scheme of MVAT
  3. Details of new composition scheme under MVAT for retailers and analysis whether to opt composition or not?
  4. Last date for electronic uploading of form e-704, for the financial year 2013-2014, is 15th January, 2015 and the last date for Physical Submission of Audit Report is 27th January, 2015
CA Vikrant Kulkarni
Author is practicing Chartered Accountant. He can be reached at vikrant_mk@hotmail.com.

2 thoughts on “Amendments in Maharashtra Value Added Tax 2002 in additional budget 2014-2015”

  1. Dear Sir,
    I need to open a Laboratory distributor company in Mumbai,
    Please help me to clear following issue like —
    1. 25,000 /- Deposit is compulsory to get Vat Tin number ?
    2. How do I apply for above to get.
    3.In how many day I get this.
    4. Should Gumasta licence is necessary.

    Reply

  2. Dear Sir,
    I am going to start Industrial Products Sales & Services company (Some of manufactured products, Fabrication & machining Products, Sales consultancy to other company) in Pune.
    Please help me to clear following issue like —
    1. 25,000 /- Deposit is compulsory to get Vat Tin number ?
    2. How do I apply for above to get.
    3.In how many day I get this.

    Reply

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