Amendments in Maharashtra Value Added Tax 2002 in additional budget 2014-2015<\/strong><\/p>\n

Maharashtra Tax Laws Act (Levy short title and amendment and validation) Act 2014 is published in the official gazettes as on 26^{th<\/sup> June 2014.<\/p>\n}

The following are important amendments in Maharashtra Value Added Tax 2002<\/p>\n

1.\u00a0\u00a0\u00a0 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 26^{th<\/sup> June 2014)<\/p>\n}

2.\u00a0\u00a0\u00a0 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 30^{th <\/sup>September 2014. Commissioner after inquiry as he deem fit, may cancel the registration with effect of 1St<\/sup> October 2014.<\/p>\n}

3.\u00a0\u00a0\u00a0 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)<\/p>\n

4.\u00a0\u00a0\u00a0 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.<\/p>\n

5.\u00a0\u00a0\u00a0 Followings are the changes in the schedule entry<\/p>\n

Following entry is inserted in the Schedule A (NIL tax rate)<\/p>\n

26A Copyrights, for distribution and exhibition of cinematography films in theaters and cinema halls, sold during
\nthe period commencing on the 1^{St<\/sup> April 2005 ending on the 30th <\/sup>April 2011.<\/p>\n}

Following entries are inserted in the Schedule C<\/p>\n

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 1^{st<\/sup> April 2005 and ending on the 30th<\/sup> April 2011. (Tax rate is 4%)<\/p>\n}

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 1^{st<\/sup> May 2011. (Tax rate is 5%)<\/p>\n}

6.\u00a0\u00a0\u00a0 Salary exemption limit for charging professional tax is increased to Rs.7500 from Rs.5000.<\/p>\n

Maharashtra Tax Laws Act (Levy short title and amendment and validation) Act 2014 in Marathi<\/a><\/strong><\/p>\n

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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.\u00a0\u00a0\u00a0 Every dealer is required to get register compulsory … Read more<\/a><\/p>\n","protected":false},"author":12,"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":[93,37],"class_list":["post-419","post","type-post","status-publish","format-standard","hentry","category-mvat-cst","tag-budget","tag-mvat"],"yoast_head":"\n