Highlights of the Additional Maharashtra Budget

* 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