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Arjuna (Fictional Character): Krishna, the State Budget for the year 2023-24 was presented on 9th March 2023. What are its highlights?

Krishna (Fictional Character): Arjuna, the budget was presented by Deputy Chief Minister (Finance)Shri Devendra Fadnavis on 9th March 2023. It was based on ‘panchamrit’ (five) principles with a focus on Farmers, Women, Youth, Employment, and Environment.

Arjuna (Fictional Character):  Krishna, what is the proposed amnesty scheme and from when it will be applicable?

Krishna (Fictional Character): Arjuna, the government has introduced a scheme to solve disputes between Maharashtra government and taxpayers. The Amnesty Scheme will be called as ‘Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Act, 2023’. This Scheme is applicable on various taxes levied by State Tax Department before introduction of GST Act. This Amnesty Scheme will bein force from 1st May 2023 to 31st October 2023. This scheme will be applicable for the arrears pending as on 1st May 2023.

Arjuna (Fictional Character): Krishna, what are the details of the Amnesty Scheme provided for small and medium dealers?

Krishna (Fictional Character): Arjuna, the Govt. is in full endeavor to complete pending disputes. Due to which, disputes that are carried forward from years will be settled as well as Govt. will collect tax. There is complete waiver of the arrears in cases where arrears are Rs. 2,00,000/- or less per year. Dealers having arrears up to Rs. 50 lakhs or less per statutory order will pay only 20% amount and balance 80% will be waived. The complete detail of the scheme is still awaited.

Arjuna (Fictional Character): Krishna, what is the proposal regarding profession tax for women?

Krishna (Fictional Character): Arjuna, at present employed women have to pay Profession Tax if their salary is more than Rs. 10,000 per month. It is proposed to enhance this limit to Rs. 25,000 to increase the purchasing power of women. Hereafter, women with a monthly salary of up to Rs. 25,000 will not have to pay any Profession Tax. This is proposed for women empowerment, to provide relief to women taxpayer.

Arjun (Fictional Character): Krishna, what lesson the taxpayer should take from this?

Krishna (Fictional Character): Arjuna, to reduce litigation for the laws which has foregone, Government has introduced Amnesty Scheme this year for the third time. So as to have minimum litigation for state tax laws. We expect Central government to introduce same ordinances for Excise as well as service tax and other central tax laws

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1. Central Council Member of ICAI. 2. Vice-Chairman of WIRC of ICAI for the period 2015-2021. 3. Youngest Chairman of Aurangabad Branch of WIRC of ICAI in 2002. 4. Author of Popular Tax articles series based on Krishna and Arjuna conversation i.e “KARNEETI” published in Lokmat on every View Full Profile

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