The Maharashtra Budget for 2014-2015 is announced on 05th June, 2014 and the main Tax Proposals in respect of Maharashtra VAT & Profession Tax are as follows :-
1) Registration limit increased to 10 Lakhs.
2) VAT Audit limit raised to 1 crore from Financial Year 2013-14.
3) Late Fee reduced to Rs. 2000/- for late upto 1 month in filing return.
4) Pending returns can be filed with Tax, interest and late fee of Rs. 1000/-.
5) Retailer Composition @ 1% of total turnover or @ 1.5% of taxable turnover.
6) No. 30(4) penal interest if additional demand as audit or investigation is less than 10% of tax paid with returns.
7) Rate of Tax on Cotton reduced to 2%.
8) Profession Tax limit for Salaried persons increased to Rs. 7500/-
1) Registration limit increased to 10 Lakhs.
2) VAT Audit limit raised to 1 crore from Financial Year 2013-14.
3) Late Fee reduced to Rs. 2000/- for late upto 1 month in filing return.
4) Pending returns can be filed with Tax, interest and late fee of Rs. 1000/-.
5) Retailer Composition @ 1% of total turnover or @ 1.5% of taxable turnover.
6) No. 30(4) penal interest if additional demand as audit or investigation is less than 10% of tax paid with returns.
7) Rate of Tax on Cotton reduced to 2%.
8) Profession Tax limit for Salaried persons increased to Rs. 7500/-
