The Government of Maharashtra has issued Notification dated 30.7.2012 amending MVAT Rules. The short gist of such amendments is as under:

(1) In rules 17, 25, 41, 45, 45A, 46 and 83 reference is added to late fees, which is required to be paid in case of late filing of returns. The amendment is in technical nature.

(2) (i) Rule 55A prescribes percentage for eligibility as exporter for early refund scheme. The percentage prescribed was 50% but by the amendment it is made 25%. Therefore, a dealer having export at 25% of their turnover will be eligible for early refund as available to exporter.

This is applicable from year 2012-13.

(ii) The further relaxation is that if the export is of 100 crores, then also the dealer will be considered to be exporter for early refund scheme. This is also applicable from 2012-13.

(iii) Rule 58(1A) allows reduction towards land cost in case of builder/developer. However Rule had proviso restricting the deduction on account of cost of land to the extent of 70% of agreement value. Now proviso is deleted, meaning land cost deduction can be without any restriction.

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FINANCE DEPARTMENT

Madam Cama Road, Hutatma Rajguru Chowk,

Mantralaya, Mumbai 400 032, Dated the 30th July 2012.

NOTIFICATION

MAHARASHTRA VALUE ADDED TAX ACT, 2002.

No. VAT 1512/ CR 84/ Taxation-1. – Whereas the Government of Maharashtra is satisifed that circumstances exist. which render it necessary to take immediate action further to amend the Maharashtra Value Added Tax Rules, 2005 and to dispense with the condition of previous publication thereof under the proviso to sub-section (4) of section 83 of the Maharashtra Value Added Tax Act, 2002 (Mah. EX of 2005);

Now, therefore, in exercise of the powers conferred by sub-sections (I) and (2) read with the proviso to sub-section (4) of section 83 of the said Act, and of all other powers enabling it in this behalf, the Government of Maharashtra, hereby, makes the following rules further to amend the Maharashtra Value Added Tax Rules, 2005, namely:—

I. (1) These rules may be called the Maharashtra Value Added Tax (Fourth Amendment) Rules, 2012.

(2) Save as otherwise provided in this Notification, these Rules shall come into force with effect from the 1″ August 2012.

2. In rule 17 of the Maharashtra Value Added Tax Rules, 2005 (hereinafter referred to as “the principal Rules”), in sub-rule (5), in clause (b), after the words “him under the Act.” the words “Where the return is not filed within the prescribed time, the dealer shall pay the late fee due from him in addition to the tax and interest, if any, due as per return.” shall be inserted.

3. In rule 25 of the principal Rules, after the words “with or without penalty” the words “or late fee payable by the dealer” shall be inserted.

4. In rule 41 of the principal Rules, in sub-rule ( 1). after the words “under this Act. ” the words “Where the return is not filed within the prescribed time, the dealer shall pay the late fee in addition to the tax and interest, if any, due from him.” shall be added.

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