Highlights of Maharashtra Budget Speech

HIGHLIGHTS OF THE ADDITIONAL BUDGET PRESENTED BY

DEPUTY CHIEF MINISTER AND FINANCE MINISTER

SHRI AJIT PAWAR

ON 5TH JUNE 2014

PART- II

1. Minimum salary limit for Profession Tax increased from Rs. 5000 to Rs. 7500.
    
2. Turnover limit for registration under VAT increased from Rs. 5 lakhs to Rs. 10 lakhs.
    
3. Tax Rate on Cotton reduced from 5 percent to 2 percent.
    
4. Sugarcane Purchase Tax exempted for 2013-14.
    
5. Turnover limit for filing audit report increased from Rs.60 lakhs to Rs.1 crore.
    
6. Sales/Lease of copyrights of cinematographic films for theatrical exhibition exempted from VAT for the period 1st April 2005 to 30th April 2011.
    
7. Composition Scheme more attractive :- Retailers to pay 1 percent of turnover or 1.5 percent of the taxable turnover instead of VAT.
    
8. Aeroplane spares exempted- to promote repair and maintenance industry.
    
9. Cap of Rs. 10 lakhs on Stamp Duty for pawn, pledge and hypothecation.
    
10. Sales of notified capital goods to department of Central or State Government liable to tax at 5 percent.
     
11. Luxury Tax exempted up to Rs.1000, 4 percent up to Rs. 1500 and 10 percent exceeding Rs. 1500.
     
12. Concession in Luxury Tax for new hotels in “B” & “ C” zone.
     
13. Reduction of late fee for VAT return from Rs. 5000 to Rs. 2000 for delay up to one month.