05 June 2014

Maharashtra BUDGET

The Maharashtra BUDGET for 2014-2015 is announced today 5th June, 2014 and the main tax proposals in respect of Maharashtra VAT and Profession Tax are -
Registration limit increased to 10 lakhs
VAT Audit limit raised to 1 crore from FY 2013-2014
Late Fee reduced to Rs.2,000/- for late upto 1 month in filing Return
Pending Returns can be filed with Tax, interest and Late Fee of Rs.1,000/-.
Retailer composition @1% of total turnover or @1.5% of taxable turnover
No 30(4) penal interest if additional demand as audit or investigation is less than 10% of tax paid with returns.
Rate of Tax on Cotton reduced to 2%
Profession Tax limit for salaried persons increased to Rs.7,500/-

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