Highlights of the Additional Maharashtra Budget
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* Minimum salary limit for Profession Tax increased to Rs 7,500 from Rs 5,000.
* Turn over limit for registration under VAT increased to Rs 10 lakh from Rs 5 lakh
* Tax rate on cotton reduced to 2% from 5%
* Sugarcane purchase tax exempted for 2013-14
* Sales/Lease of copyrights of cinematographic films for theatrical exhibition exempted from VAT for the period of April 1, 2005 to April 30, 2011
* Aeroplane spares exempted to promote repair and maintenance industry. This is to benefit the projects being proposed in Mihan project (Multi-modal International Cargo Hub and Airport at Nagpur)
* Cap of Rs 10 alkh 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%
* Luxury tax exempted up to Rs 1,000, 4% up to Rs 1,500 and 10% up exceeding Rs 1,500
* Concession in luxury tax for new hostels in B & C zone.
* Reduction of late fee for VAT return from Rs 5,000 to Rs 2,000 for delay up to one month
Category : Budget | Comments : 1 | Hits : 1059
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Dipak Sitaram Nazare
06-Jun-2014 , 01:42:42 pmExempting Sugarcane Purchase Tax only for 2013-14 is only to ataract votes from Co operatives ie its members/ farmers in comming Vidhan sabha election, why exemption is for one year, if the Govt is so liberal why not waived the purchase Tax on Sugarcare forever.