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Wednesday, March 18, 2015

Maharashtra announces to scrap Local Body Tax from 01 August 2015

The finance minister of Maharashtra state presented state budget 2015-16 on 18 March 2015. Key tax proposal in the state budget are as follows: 

* Local Body Tax (LBT) to be abolished from 1st August 2015. Compensation of Revenue by enhancing VAT tax rate. 

* Mobilization of Revenue by enhanced premium on additional FSI. FSI limit raised from 0.33 to 0.60 in Mumbai. 

* Women drawing salary upto to Rs.10000 per month exempted from Profession Tax . 

* Tax rate on ladies Hand Bags and Purses reduced from 12.5% to 5%. 

* Work Book, Graph Book, Drawing Book and Laboratory Book for student's tax free. 

* Tax rate on LED Bulb reduced from 12.5% to 5%. 

* Tax rate on Guide wire used in medical treatment reduced from 12.5% to 5%. 

* Some medicines for treatment of Cancer tax free. 

* Reduction of late fee for VAT Return from Rs. 2000 to Rs.1000. 

* No VAT on Service Tax. 

* Rate of Excise Duty on Country liquor to be at 200% of manufacturing cost or Rs 120 per proof liter, whichever is higher. 

* 5% Entry Tax on import of Long Steel in State. 

* Tax rate on Plain & Pre-laminated Particle Board enhanced from 5% to 12.5%.
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