Key Highlights of Maharashtra State Budget for FY 2017-18

Maharashtra State Budget 2017-18: In this Short article, we shall go through the significant modifications in the Maharashtra BARREL Act and Occupation Tax Act vide Maharashtra State Budget plan for FY 2017-18 Highlight of the Budget plan is the change in MVAT rates for the following products. Now inspect more details for “Key Highlights of Maharashtra State Budget Plan for FY 2017-18” from listed below …

Following Item have actually been excused from levy of MVAT.

Name of Commodity	Arrange Entry Number	Previous Rate of Tax	Present Rate of Tax
Jaggery	C-40	4%	0%
Tamarind	C-91	4%	0%
Coconut	C-68	5%	0%
Kokum/Amsul	C-68	5%	0%

MVAT will not be charged on the following items:–

Geo membrane essential for Farm Pond
Soil Testing Package
Milk Screening Set
Card Swipe Machines
Gas & Electric Incinerators

2nd Highlight of the Budget is from GST Point of view as follows:–

Octroi and Regional Body Tax will be eliminated with the intro of GST.
From GST point of view, deals within twelve nautical miles from the coastline will be deemed to be intra-state products.

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Third Highlight of the Budget plan is about the propositions under Maharashtra BARREL Act, 2002

The time limit to file appeals under BARREL to the High court versus the choice of Tribunal is proposed to be increased to 180 days from 120 days.

If on account of technical problems in the automation system, the dealer is not able to make e-payment of tax on time, the state federal government is empowered to waive such interest.

Proposition is also mooted to exempt interest (to some extent) and charge on liability for the unregistered period in case the said dealership goes for registration under BARREL act and pays the liability for unregistered duration.

Fourth Highlight of the Budget has to do with the propositions under Occupation Tax Act

Tax liability of persons who requests late registration (PTRC/PTEC) has actually been proposed to be reduced to 4 years from the erstwhile period of 8 years.
Rate of interest are to be lined up with interest rates under BARREL.
Exemption on late charges is proposed on filing returns for all the dealerships who submit their pending returns upto 30 th Sept 2017.
Dealers not signed up under MVAT act however holding service tax no. shall likewise be accountable to acquire PTEC no.

Also Read: One Person Company (OPC) – Features of OPC, Eligibility for OPC

Author: CMA Prashant Vaze

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