We are pleased to release the highlights of Additional Budget of Maharashtra State presented by Finance Minister, Shri. Sudhir Mungantiwar on 18 June 2019.
Main Highlights are as under :-
1. Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Ordinance, 2019
- Time limit to avail the benefits under the Amnesty Scheme is proposed to be extended by a month. First Phase will end on 31st July 2019 whereas the Second Phase will end on 31st August 2019.
- The arrears as per statutory orders passed and returns or the revised returns filed on or before 16th August 2019 shall also be eligible for settlement Schem
2. Profession Tax Act:
- It is proposed to delete the provision regarding penalty for default in obtaining enrollment certificateand fixed interest at the rate of 1.25% per month or part thereof has been proposed.
3. Maharashtra Value Added Tax Act:
- It is proposed that the VAT dealers, whose turnover in a year is above Rs.1 crore but tax liability in that year does not exceed Rs.25,000/- need not get their accounts audited by a auditor and need not file audit report in Form-704. This amendment shall be applicable from 2019-20 onwards