Friday, March 26, 2010

MAHARSHTRA BUDGET 2010-11 SUMMARY

1. Estimated revenue receipts of Rs 97,043 crore, which includes Rs 63,838 crore from the state’s own sources. The estimated revenue expenditure at Rs 1, 04,698 crore.
2. Budget for 2010-11 has a revenue deficit of Rs 7,654 cr and a debt of close to Rs 2 lakh cr. State’ Subsidy Burden is Rs1,550 cr .
3. E-facility of filing electronic returns will also be provided under the Profession Tax Act and Luxury Tax Act.
4. Penalty provision for non-issuance of bills made more stringent.
5. For grant speedy refunds it would be mandatory to record the TIN of the purchaser on the Tax Invoice.
6. Small dealers filing six monthly returns will now have to pay the tax within 30 days in lieu of 21 days.
7. The debt waiver and debt restructuring schemes announced by the Centre has been extended for another six months.
8. To reduce the economic burden on farmers to a certain extent, Cotton seed oil cake has been made tax free.
9. Items like rice, wheat, cereals, besan, chilli powder, turmeric, jaggery, coconut, papad will remain in 0% VAT category for another year or till the GST is introduced.
10. Increased the ceiling on zero interest crop loans from Rs 25,000 to Rs 50,000.
11. Hotels and lodges have to pay luxury tax on room rent in excess of Rs 750 per day. This is up from the earlier limit of Rs 200 per day.
12. Aviation Turbine Fuel being sold at small airports except Mumbai and Pune to attract 4% concessional VAT up to March 31, 2011, or till the introduction of GST.
13. A simple composition scheme for the builders and developers. Under this scheme, 1% VAT would be payable on the contract price of flats mentioned in the agreement of sale. However, such builders and developers will not be eligible for set off under the VAT Act. This scheme shall come into force for the agreements registered after 1st April 2010.
14. Audit under section 61 of VAT Act
1. The turnover limit for audit under section 61 of VAT Act will be increased from Rs. 40 lakhs to Rs. 60 lakhs.
2. It will also be mandatory for all the dealers covered by package scheme of incentives, to file the audit report.
15. Raisins, currants and tea to continue the concessional VAT rate of 5% up to 31st March 2011.
16. Blood Transfusion apparatus rate of tax reduced from 12.5% to 5%.
17. Solar lanterns included under Non-conventional energy sources working on solar energy which are exempted from VAT.
18. Solar or battery powered vehicles rate of VAT reduced from 12.5% to 5%
19. Camphor, Dhoop, lobhan and ‘pan Kath’ is exempted from levy of VAT.
20. Rate of tax on hairpins reduced from 4% to 1%.
21. Sabudana Chivada, Chana-chur and Khandvi have been included in the list entry of Farsan attracting a lower rate of VAT.
22. To encourage entrepreneurs who bring innovations to the agriculture sector, vermi compost beds made from HDPE fabrics are being exempted from tax.
23. Tax on sales of hand made laundry soaps manufactured by KVIC units will be exempt from tax.
24. One time tax proposed on Auto Rickshaws and black-yellow meter taxis.
25. Sea food processing centres will be started at Ratnagiri and Sindhudurg districts by fisheries co-operative societies.
26. Construction of fish landing centres and providing basic infrastructure facilities at 30 places in five coastal districts of the state has been approved.
27. Fish landing centres will have facilities like jetty, auction hall and fish drying platforms. The construction will be completed in the next three years with an estimated expenditure of Rs 70 crore.

No comments:

Post a Comment