Key Proposals In The Maharashtra Budget 2023: ELP Analysis
Maharashtra announces complete waiver for pre-GST cases if arrears amount to Rs 2,00,000 or less per year.
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ELP Update
The Deputy Chief Minister (Finance) of Maharashtra Devendra Fadnavis in his budget speech on March 09, 2023 made the following key proposals:
1. Amnesty Scheme, 2023: Amnesty Scheme, 2023 will be known as the 'Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Act, 2023'. The scheme proposes to cover various taxes levied prior to introduction of Goods and Service Tax. The salient features of the Amnesty Scheme, 2023 are -
Duration of the scheme: The time period for applications for availment of the benefits of the scheme shall be from May 01, 2023 to October 31, 2023. The scheme will be applicable for the arrears pending as on May 01, 2023.
Benefits of the scheme: Complete waiver in cases where arrears amount to Rs 2,00,000 or less per year. Partial waiver for dealers having arrears up to Rs 50,00,000 or less per statutory order. The assessee would need to only pay 20% of the arrears and the balance 80% will be waived.
2. Reduction of Value Added Tax on Aviation Turbine Fuel: VAT on ATF has been proposed to be reduced from 25% to 18% (equivalent to Bengaluru and Goa) in the geographical areas of Brihanmumbai Municipal Corporation, Pune Municipal Corporation and Raigad District. The rationale for this move is to encourage air transport and accelerate economic growth.
3. Profession Tax: The female employees drawing monthly salary up to Rs 25,000 will be exempted from Profession Tax. The definition of ‘Person with Disability’ in the Profession Tax Act is proposed to be amended as per the definition given in the Rights of the Persons with Disabilities Act, 2016 with a wider coverage.
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