CA Sandeep Kanoi

Maharashtra Government has presented its Additional Budget on 05th June 2014 through its Deputy Chief Minister And Finance Minister Shri Ajit Pawar. We are presenting herewith Highlights of this additional Budget on tax front and other government policies.

KEY HIGHLIGHTS ON TAX ISSUES

  • Minimum salary limit for Profession Tax increased from Rs. 5000 to Rs. 7500.
  • Turnover limit for registration under VAT increased from Rs. 5 lakhs to Rs. 10 lakhs.
  • Tax Rate on Cotton reduced from 5 percent to 2 percent. Sugarcane Purchase Tax exempted for 20 13-14.
  • Turnover limit for filing audit report increased from Rs.60 lakhs to Rs.1 crore.
  • Sales/Lease of copyrights of cinematographic films for theatrical exhibition exempted from VAT for the period 1st April 2005 to 30th April 2011.
  • Composition Scheme more attractive :- Retailers to pay 1 percent of turnover or 1.5 percent of the taxable turnover instead of VAT.
  • Aeroplane spares exempted– to promote repair and maintenance industry. Cap of Rs. 10 lakhs on Stamp Duty for pawn, pledge and hypothecation.
  • Sales of notified capital goods to department of Central or State Government liable to tax at 5 percent.
  • Luxury Tax exempted up to Rs. 1000, 4 percent up to Rs. 1500 and 10 percent exceeding Rs. 1500.
  • Concession in Luxury Tax for new hotels in “B” & ” C” zone.
  • Reduction of late fee for VAT return from Rs. 5000 to Rs. 2000 for delay up to one month.

KEY HIGHLIGHTS ON OTHER ISSUES

  • Farmers in the State faced untimely rains and hail-storms. To provide assistance and concessions to farmers Rs. 2350 Crore were made available.

Industry:

  • Maharashtra leads in Foreign Investments.
  • Under package scheme incentives Rs. 2702.79 Crore investment and 5809 employment is expected in 10 mega projects.
  • Through Cluster Development Scheme Rs. 470 Crore Investment in next three years.
  • Provision of Rs. 2500 Crore has been made.
  • Bhel has set up a Project for manufacture P. V. Cells and has proposed to investment Rs. 2731 Crores and employment to around 1000 persons.

Textile :

  • For Incentivise investment in the Textile Sector, Relaxation in Textile Policy
  • Investment Rs. 4255 Crore and Employment of 27000 persons.
  • Provision of Rs. 100.40 Crore for this.
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Strengthening of power distribution :

  • Single Phasing, Separate Feeder for Gaothan, Enhancement generation capacity resulted supply electricity as per demand.
  • Load shading only in the area where electricity bills are not paid regularly.
  • 60 Lakhs new connections in last 5 years.
  • Under Phase II works costing Rs. 6500 Crore are in progress.
  • In industrial area 24 * 7 continuous power supply.

Road Development:

  • Outlay of Rs. 2836 Crore proposed for Road Development.
  • For the year 2014-15 provision of Rs. 456 Crore made for Zilla Parishad roads.

Navi Mumbai Airport:

  • Government of India approved the work costing Rs. 14574 Crore work of land acquisition and tender process is under progress.

Development of Ports:

  • Government adopted policy to develop port through privatization.
  • 6 Ports as Dhamankhol- Jaigad, Angre, Vijaydurg, Redy under development.
  • In Dhamankhol- Jaigad Port 2 Jetties are operational.
  • In 2008-09 the goods handling was 10.41 million tonnes. It has been increased by 2 1/2 time in 20 13-14.

Employment :

  • Establishment of Vocational Training and Guidance Commission.
  • Creation of Career guidance and Counselling Centers at Mumbai, Sindhudurg, Aurangabad, Sangli and Nagpur. Jobes will be created for 21350 candidates.
  • Direct interaction between employer and employee through job fair. In 20 14-15, 150 seminars will be counded
  • Training of Tribal Youth through 8 training centers.
  • In Gadchiroli District pilot co-operative processing unit costing Rs.19.40 Crores is sanctioned and provision of Rs.13.62 Crores was made.

Irrigation Facilities:

  • 1500 Cement Concret Nala Bandh constructed. An outlay of Rs. 261 crore for the year 2014-15.
  • An outlay of Rs. 164 Crore is made available for reparing, renovation, and restoration of water resources.

Health Programme:

  • Due to various Health Programme infant mortality rate, maternal mortality rate and net reproduction rate is decreased significantally.
  • Jeevan Amrut Seva Yojana is being implemented to provide blood at call for needy patient. Till date 3617 blood bags distributed.
  • Central Government has sanctioned funds for upgradation 4 medical colleges under Primeminister Health.
  • An outlay of Rs.370. 10 Crore is sanctioned for constructing health institutes in Urban and Rural area.

Women Development:

  • Vehicles with wireless massage technology will provideto city and talukas for women safety.
  • For speedy disposal of woman atrocity cases 25 new fast track courts will establish in addition to original 27 fast track courts.

Minority Development :

  • An outlayof Rs. 362 crore is made available in 2014-15.

Scheduled Castes Development:

  • The Government is providing Rs. 900 Crores in the year 20 14- 15 for water supply, electricity, roads and sewage facilities in the “Vastis” of persons belonging to Scheduled Castes.
  • 6 Fast track courts are establish for disposal of the atrocity cases.
  • Under the scheme of “Ramai Awas Yojana” grant is increased from Rs. 70,000 to One lakh rupees.

Monuments :

  • An outlay of Rs. 100 Crore for Monument of Chhatrapati Shivaji Maharaj.
  • An outlay of Rs. 3.5 Crore for Monument of Rajarshi Shahu Maharaj.
  • MMRDA is appointed for development of Dr. Babasaheb
    Ambedkar. Process of appointing consultant is in progress.

Judicial:

  • An outlay of Rs. 413 Crore is made available for constructing court building and quarters for Judges.
  • Establishment of Lok Adalat.

Revenue:

  • An outlay of Rs. 100.77 Crore for construction.

Marathi Bhasha:

  • Sanction for Marathi Bhasha Research development and cultural center.
  • computerisation of rare books, translation of Modi literature.

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Tags : Budget (1473) Luxury Tax (24) MVAT (683) profession tax (45) Professional tax (24)

0 responses to “Key Highlights of Maharashtra State Additional Budget on Tax and Other Proposals”

  1. HITENDRA MEHTA says:

    What is the turnover limit for MVAT audit for F.Y. 2014-15 ?

  2. Dharmesh says:

    What about LBT

  3. Satinderpal Singh Mulla says:

    Sir from which year increased audit limit will apply

  4. prakash chawla says:

    what are the luxury-tax applied for the period 01/04/14 to 31/03/15 please let me know by my email

  5. manoj says:

    Dear sir,
    I want information about Professional tax,
    Recently any change happen in Maharashtra PT.
    Thanks
    Manoj

  6. Manish says:

    sir from which date this budget will apply.

  7. Lokesh Bhatia says:

    Hi,

    i purchased residential property on mortgage loan 20 lac.
    property valuation 20 lac.
    How much stamp duty i have to pay .

    after this latest maharshtra cabinet budget.

    Is there is any cap or exemtion around 5 -10 lac

  8. VINAY HINGU says:

    RESPECTED SIR,
    AS PER Additional Budget on 05th June 2014
    IT IS PROPOSED THAT VAT AUDIT LIMIT SHOULD BE INCREASED TO 1CRORE FROM FY 2013-14 BUT IF VAT AUDIT IS NOT APPLICABLE TO ANY DEALER THAN HE NEED TO FILE ANNEXURE J1 & J2 UPTO 30TH JUNE ALONG WITH SALES TAX RETUN HENCE IN THAT CASE IF LIMIT ENHANCED TO 1CRORE FROM CURRENT 60 LACS THE DEALER HAVE TO FILE THEIR J1 & J2 WITHIN VERY LESS AMOUNT OF TIME APPROXIMATELY 20 DAYS. WILL IT BE EXTENSION OF THE SAME??

  9. deepak khot says:

    The above Budjet is from which date will have to apply.

    pls provide the exact month for the year 2014

  10. mahesh says:

    for which year vat audit will apply weather for yera ended on 31.3.2014 this audit limit will apply or from next year pls clearfy

  11. Rajesh, Mumbai says:

    Nothing About LBT which wiped out ruling alliance from Maharashtra. Octroi and LBT must be abolished. FM should have taken this oppportunity to abolish LBT to avoid repenting after the elections.

  12. amit says:

    sir from which date this budget will apply.

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