if there is change vat tax rate under composite tax scheme (works contract tax method in Maharashtra)
From India, Pune
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From India, Pune
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Maharashtra State Budget for 2016-17
Mr. Sudhir Mungantiwar, the Honourable Minister (Finance, Planning & Forest) of Maharashtra State, presented the State Budget for 2016-17 yesterday, i.e., on March 19, 2016. We have consolidated the highlights of the tax-related proposals presented by Mr. Mungantiwar as part of his budget speech.
Following is the summary of the proposed changes towards computerization in the Sales Tax Department, amendments to the Value Added Tax Act, Entry Tax, Profession Tax, Sugarcane Purchase Tax, Motor Vehicle Tax, Lottery Tax, Composition Scheme, changes to set-off rules, and Amnesty Scheme:
1. Exemption from the levy of Sugarcane Purchase Tax for the year 2015-16 to the sugar factories which export sugar as per government policy.
2. Amnesty scheme introduced for Profession Tax enrollment holders - Tax liability and penalty will be restricted to the previous three years.
3. Amnesty scheme introduced for tax administered by Sales Tax - For dues up to 31st March 2005, the interest and penalty shall be waived, and for disputed dues from 1st April 2005 to 31st March 2012, subject to full payment of tax, the balance dues will be waived upon payment of 25% interest under the VAT Act.
4. Exemption of VAT on warping and sizing of yarn for promoting the textile industry.
5. Turnover limit for composition to retailers under the MVAT Act increased from INR 50 lakh to INR 1 crore.
6. VAT on mammography machines used for the detection of breast cancer will be exempted.
7. VAT on sterile water for injections reduced from 12.5% to 5.5%.
8. The turnover of tax-free goods is excluded for computing the turnover for composition in bakery industries.
9. VAT on retrofit kits fitted to vehicles for the physically handicapped will be exempted.
10. VAT on LED tubes reduced from 12.5% to 5.5%.
11. VAT on pyrolysis oil reduced from 12.5% to 5.5%.
12. Profession Tax exemption for the armed personnel of CRPF and BSF.
13. Exemption from late fees to government-aided educational institutions for e-filing of Professional Tax returns.
14. VAT on steel wire mesh, barbed wire, and chain links reduced from 5% to 5.5%.
15. VAT on pencil boxes, stapler pins, dusters, gum, and gum-sticks used by students reduced from 12.5% to 5.5%.
16. VAT will be exempted on bamboo products excluding bamboo furniture.
17. Amnesty scheme under Industrial Policy 2013 for closed and un-revivable units to be implemented afresh.
18. Logistic hubs will be established to promote the logistic industry, and the levy of CST will be exempted on the interstate sales initiated from the logistic hubs.
19. VAT rate has been increased from 5% to 5.5%, excluding declared goods.
© Udyog Software (India) Ltd.
Saturday, 19 March 2016
20. Motor Vehicle Tax enhanced on two-wheelers and three-wheelers owned by individuals - Tax to be based on engine capacity:
- Up to 99cc – 8%
- 100cc to 299cc – 9%
- 300cc and above – 10%
Institutional and imported vehicles will be subjected to double the rate of this tax structure.
21. The VAT composition tax rate for hotels and restaurants with a turnover of sales INR 3 crores and above has been enhanced to 8%.
22. Levy of Entry Tax on marble and granite slabs.
23. Increase in Lottery Tax on the draws of lotteries.
24. VAT on coconut hair oil sold in packs up to 500 ml enhanced to 12.5%.
25. Establishment of Advance Ruling Authority for speedy disposal of disputed questions under Sales Tax Laws.
26. Implementation of SAP-based computer system in the Sales Tax Department.
27. A pilot project will be started by the Sales Tax Department for the implementation of a digital billing system.
28. Input Tax Ledger to be made available to the taxpayer.
© Udyog Software (India) Ltd.
Saturday, 19 March 2016
Please refer to the link: http://www.udyogsoftware.com/.../Mah...nges-in-VAT...
From India, Pune
Acknowledge(0)Amend(0)
9Mr. Sudhir Mungantiwar, the Honourable Minister (Finance, Planning & Forest) of Maharashtra State, presented the State Budget for 2016-17 yesterday, i.e., on March 19, 2016. We have consolidated the highlights of the tax-related proposals presented by Mr. Mungantiwar as part of his budget speech.
Following is the summary of the proposed changes towards computerization in the Sales Tax Department, amendments to the Value Added Tax Act, Entry Tax, Profession Tax, Sugarcane Purchase Tax, Motor Vehicle Tax, Lottery Tax, Composition Scheme, changes to set-off rules, and Amnesty Scheme:
1. Exemption from the levy of Sugarcane Purchase Tax for the year 2015-16 to the sugar factories which export sugar as per government policy.
2. Amnesty scheme introduced for Profession Tax enrollment holders - Tax liability and penalty will be restricted to the previous three years.
3. Amnesty scheme introduced for tax administered by Sales Tax - For dues up to 31st March 2005, the interest and penalty shall be waived, and for disputed dues from 1st April 2005 to 31st March 2012, subject to full payment of tax, the balance dues will be waived upon payment of 25% interest under the VAT Act.
4. Exemption of VAT on warping and sizing of yarn for promoting the textile industry.
5. Turnover limit for composition to retailers under the MVAT Act increased from INR 50 lakh to INR 1 crore.
6. VAT on mammography machines used for the detection of breast cancer will be exempted.
7. VAT on sterile water for injections reduced from 12.5% to 5.5%.
8. The turnover of tax-free goods is excluded for computing the turnover for composition in bakery industries.
9. VAT on retrofit kits fitted to vehicles for the physically handicapped will be exempted.
10. VAT on LED tubes reduced from 12.5% to 5.5%.
11. VAT on pyrolysis oil reduced from 12.5% to 5.5%.
12. Profession Tax exemption for the armed personnel of CRPF and BSF.
13. Exemption from late fees to government-aided educational institutions for e-filing of Professional Tax returns.
14. VAT on steel wire mesh, barbed wire, and chain links reduced from 5% to 5.5%.
15. VAT on pencil boxes, stapler pins, dusters, gum, and gum-sticks used by students reduced from 12.5% to 5.5%.
16. VAT will be exempted on bamboo products excluding bamboo furniture.
17. Amnesty scheme under Industrial Policy 2013 for closed and un-revivable units to be implemented afresh.
18. Logistic hubs will be established to promote the logistic industry, and the levy of CST will be exempted on the interstate sales initiated from the logistic hubs.
19. VAT rate has been increased from 5% to 5.5%, excluding declared goods.
© Udyog Software (India) Ltd.
Saturday, 19 March 2016
20. Motor Vehicle Tax enhanced on two-wheelers and three-wheelers owned by individuals - Tax to be based on engine capacity:
- Up to 99cc – 8%
- 100cc to 299cc – 9%
- 300cc and above – 10%
Institutional and imported vehicles will be subjected to double the rate of this tax structure.
21. The VAT composition tax rate for hotels and restaurants with a turnover of sales INR 3 crores and above has been enhanced to 8%.
22. Levy of Entry Tax on marble and granite slabs.
23. Increase in Lottery Tax on the draws of lotteries.
24. VAT on coconut hair oil sold in packs up to 500 ml enhanced to 12.5%.
25. Establishment of Advance Ruling Authority for speedy disposal of disputed questions under Sales Tax Laws.
26. Implementation of SAP-based computer system in the Sales Tax Department.
27. A pilot project will be started by the Sales Tax Department for the implementation of a digital billing system.
28. Input Tax Ledger to be made available to the taxpayer.
© Udyog Software (India) Ltd.
Saturday, 19 March 2016
Please refer to the link: http://www.udyogsoftware.com/.../Mah...nges-in-VAT...
From India, Pune
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Maharashtra State-Amendt to Tax On Professions, Trades, Callings And Employments Rules, 1975(6.6.pdf