Hon’ble FM Shri Sudhir Mungantiwar presented State Budget on 9th March, 2018 for F.Y. 2018-19
HIGHLIGHTS
- 5.32 lakh new taxpayers registered under GST taking total number of dealers registered in the State to 13.62 lakh
- Revenue generated under GST regime till February, 2018 at rupees 45,886 crores
- Total amount of ₹ 11,804 crore disbursed to various Municipal Corporations as compensation for loss of revenue on account of abolition of Octroi and Local Body Tax under GST regime which include ₹ 5,826 crore to Brihan Mumbai Municipal Corporation
- Amendments to MVAT Act
- Provision for appointment of Judicial and Technical Members on Sales Tax Tribunal modified
- Provision to claim VAT TDS in GST period till 31st December, 2018 by contractors to be made
- Limit of ₹ 100 per proceeding and interest payable thereon for non-recovery of tax under VAT regime to be enhanced to ₹ 500 per proceeding and consequential interest so that the manpower can be used for the recovery of larger amounts.
- Turnover limit of ₹ 25 lakh for audit for first three months of 2017-18.
- In order to enable faster completion of VAT assessment and to implement GST effectively, VAT appeal provisions not to apply to selection process undertaken by commissioner.
- Amendments to Profession Tax Act
- Proposal to empower Government to notify Organisations for collection of Profession Tax at source from payments to professionals
- Attractive Scheme to be declared for One Time Payment of Tax (OTPT) for professionals
- LLPs and its partners brought in Profession Tax Enrollment scheme on the lines of Pvt. Ltd. company and its directors
- Streamlining provisions for effective recovery of tax
- Recovery Provisions of GST Act to be made applicable to Profession Tax also
