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Maharashtra State additional budget 2014-2015 - highlights of tax proposals - All About Finance

Maharashtra State additional budget 2014-2015 – highlights of tax proposals

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The Deputy Chief Minister and Finance Minister of Maharashtra state, Ajit Pawar has presented additional budget as on 5th June 2014. Following are the highlights of the additional budget on tax front.

Highlights on tax proposal

MVAT 

  • Turnover limit for registration under MVAT is increased to 10 lakh from 5 lakh. The dealers whose turnover is less than 10 lakh in last financial years, can apply for cancellation of registration before 30th September 2014 and their registration will cancelled from 1st October 2014.
  • Late fee for MVAT return filed within one month from the due date is Rs.2000. If delay is more than one month, then a late fee is Rs. 5000. Late fees is Rs.1000 for all pending returns as on 1St April 2014, if returns filed before 30th September 2014.
  • Turnover limit for MVAT audit is increased to Rs. 1 crore from 60 lakh. This 1 crore limit is also applicable for liquor dealers. Earlier all liquor dealers are required to get theirs book of accounts audited compulsory irrespective any turnover limit.
  • Tax rate of Cotton is reduced to 2% from 5%.
  • Aeroplane spare part has exempted.
  • Sales/lease of copyrights of cinematographic films for theatrical exhibition is exempted from VAT for the period 1st April 2005 to 30th April 2011.
  • Sales of notified capital goods to department of Central or State Government reduced to 5% from 12.5%.
  • Composition Scheme for small dealers (turnover up to 50 lakh) is revised, now dealers can pay tax at the rate of 1% of his total turnover or 1.5% of taxable turnover.
  • No penal interest under section 30(4) if additional demand as audit or investigation is less than 10% of tax paid with returns.


Professional Tax

Minimum salary exemption limit for professional tax is increased to Rs.7500 from Rs.5000

Luxury Tax

Luxury tax exemption limit is increase to Rs. 1000 from Rs. 750 for tariff per residential accommodation.
Tax rate is 4%  for tariff per residential accommodation between Rs. 1001 to Rs. 1500  and 10% if tariff per residential accommodation above Rs.1500.

Concession in entertainment tax for new hotels in B and C zone.

Other Tax Proposals

Sugarcane purchase tax exempted for 2013-14

A cap of Rs.10 lakh on stamp duty on pawn, pledge and hypothecation.

Budget 2014 Speech I

Budget 2014 Speech II

 

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CA Rajendra Shete
The author is FCA, Dip. IFRS (ACCA, UK). He is practicing Chartered Accountant since 2004. He can be reached at ca.rajendra.shete@gmail.com. CA Rajendra Shete is the author of the book The Rules and Red Flags. - To know more about the book pls visit !

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