The\u00a0Deputy Chief Minister and Finance Minister of Maharashtra state, Ajit Pawar has\u00a0presented additional budget as on 5^{th<\/sup> June 2014. Following are the\u00a0highlights of the additional budget on tax front.<\/p>\n}

Highlights on tax\u00a0proposal<\/strong><\/p>\n

MVAT<\/span>\u00a0<\/strong><\/p>\n

\n
• Turnover\u00a0limit for registration under MVAT is increased to 10 lakh from 5 lakh. The\u00a0dealers whose turnover is less than 10 lakh in last financial years, can apply\u00a0for cancellation of registration before 30^{th<\/sup> September 2014 and\u00a0their registration will cancelled from 1st<\/sup> October 2014.<\/li>\n}
• Late fee for MVAT return filed within one\u00a0month from the due date is Rs.2000. If delay is more than one month, then a\u00a0late fee is Rs. 5000. Late fees is Rs.1000 for all pending\u00a0returns as on 1^{St<\/sup> April 2014, if returns filed before 30th\u00a0<\/sup>September 2014.<\/li>\n}
• Turnover\u00a0limit for MVAT audit is increased to Rs. 1 crore from 60 lakh. This 1 crore\u00a0limit is also applicable for liquor dealers. Earlier all liquor dealers are\u00a0required to get theirs book of accounts audited compulsory irrespective any turnover limit.<\/li>\n
• Tax\u00a0rate of Cotton is reduced to 2% from 5%.<\/li>\n
• Aeroplane\u00a0spare part has exempted.<\/li>\n
• Sales\/lease\u00a0of copyrights of cinematographic films for theatrical exhibition is exempted\u00a0from VAT for the period 1^{st<\/sup> April 2005 to 30th<\/sup> April\u00a02011.<\/li>\n}
• Sales of notified capital goods to\u00a0department of Central or State Government reduced to 5% from 12.5%.<\/li>\n
• Composition Scheme for small dealers (turnover\u00a0up to 50 lakh) is revised, now dealers can pay tax at the rate of 1% of his total turnover or 1.5% of\u00a0taxable turnover.<\/li>\n
• No penal interest under section 30(4) if additional demand as audit or investigation is less than 10% of tax paid with returns.<\/li>\n<\/ul>\n

  
  \n<\/span><\/strong>Professional Tax<\/span><\/strong><\/p>\n

  Minimum\u00a0salary exemption\u00a0limit for professional tax is increased to Rs.7500 from Rs.5000<\/p>\n

  Luxury Tax<\/span><\/strong><\/p>\n

  Luxury\u00a0tax exemption limit is increase to Rs. 1000 from Rs. 750 for tariff per residential accommodation.
  \nTax rate is 4%\u00a0 for tariff per residential\u00a0accommodation between Rs. 1001 to Rs. 1500\u00a0 and 10% if tariff per residential accommodation above Rs.1500.<\/p>\n

  Concession\u00a0in entertainment tax for new hotels in B and C zone.<\/p>\n

  Other Tax Proposals<\/span><\/strong><\/p>\n

  Sugarcane\u00a0purchase tax exempted for 2013-14<\/p>\n

  A\u00a0cap of Rs.10 lakh on stamp duty on pawn, pledge and hypothecation.<\/p>\n

  Budget 2014 Speech I<\/a><\/p>\n

  Budget 2014 Speech II<\/a><\/p>\n

   <\/p>\n","protected":false},"excerpt":{"rendered":"

  The\u00a0Deputy Chief Minister and Finance Minister of Maharashtra state, Ajit Pawar has\u00a0presented additional budget as on 5th June 2014. Following are the\u00a0highlights of the additional budget on tax front. Highlights on tax\u00a0proposal MVAT\u00a0 Turnover\u00a0limit for registration under MVAT is increased to 10 lakh from 5 lakh. The\u00a0dealers whose turnover is less than 10 lakh in … Read more<\/a><\/p>\n","protected":false},"author":18,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[7],"tags":[61],"class_list":["post-415","post","type-post","status-publish","format-standard","hentry","category-mvat-cst","tag-maharashtra"],"yoast_head":"\n