Today we discuss Impact of Maharashtra Budget on TAX, what are the important amendment by the Maharashtra government on state tax like LBT, VAT,CST,professional tax
Maharashtra budget on LBT Tax –
LBT stand for Local buddy tax, In previous year there are lots of problem occurred to the dealer due to the LBT also LBT is levied only in some part and not in all over Maharashtra. No Government has abolished the LBT its good move by the BJP Government. revenue loss to the government from LBT will be compensated by the increased in vat rate.
Maharashtra budget on Professional Tax-
Any women drawing salary up-to Rs 10,000 will be exempted from the professional tax, currently employer will deduct the professional tax of the entire employee having salary more than 7,500. Now employer have to deduct professional tax of man employee if salary withdrawing more than 7,500 and for women employee if withdrawing salary more than 10,000.
Maharashtra budget on VAT Tax –
Amendment in Vat Return in Maharashtra Budget
Now fees for not filing the return on due date will be Rs 1,000, currently it is Rs 2,000 up to one month. return filed after one fess will be Rs 5,000.
Dealer can revised the return more than one time, currently dealer can revised the return only one time.
Changes in vat rate in Maharashtra Budget-
Tax rate has been reduced from 12.5% to 5% on following commodity-
Ladies hand bags
guide wire used for medical treatment,
Tax rate has been increased from 5% to 12.5% on following commodity-
Plain and Pre-laminated particle board
No vat on following commodity –
Work book, graph book,drawing book, laboratory book for students,
Medicine for treatment of cancer
No Vat on Service tax levied by the central government –
Vat will not been levied on the service tax portion, currently in work contract where both vat and service tax is applicable vat is levied on the service tax.
Maharashtra budget on Builder –
Increased the premium on additional FSI requested by the builder. It will increased the cost of project.
Other amendment in Maharashtra budget
Tax concession on essential commodity has been extended for one more years.
Entry tax on import of long steel in state
Increase in excise duty on liquor – it will 200 percent of manufacturing cost or rs 120 per proof liter whichever is higher.