Maharashtra Budget Announcement | Amnesty Scheme and More
Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Act, 2023
With the objective to provide relief to small and medium dealers under various laws implemented by the State Tax Department prior to the implementation of the GST, an amnesty scheme under the ‘Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Act, 2023’ has been announced. The scheme will be operative from 1 May 2023 to 31 October 2023.
Major highlights of the Amnesty Scheme 2023 are as follows:
|
Ø |
100% waiver where liability for any year is determined to be below INR 200,000; |
|
Ø |
80% waiver where liability is determined to be more than INR 200,000 but less than INR 5,000,000. |
Other Announcements
Profession Tax
Waiver of Profession Tax for women earning salaries up to INR 25,000 per month.
The definition of ‘person with disability’ proposed to be amended to align with the definition with that of the Rights of the Persons with Disabilities Act, 2016 by which more persons will become eligible for exemption.
Value Added Tax
Reduction of the rate on Aviation Turbine Fuel from 25% to 18% in Mumbai, Pune and Raigad districts.
Comment
While the announcement of the amnesty scheme is a welcome step, the cap on values for eligibility may be a dampener. Further details of its provisions and procedures are awaited, and these will determine the ultimate effectiveness of the scheme.
- Udayan Choksi (Partner), Vikram Naik (Principal Associate) & Marmik Kamdar (Associate)
For any queries please contact: editors@khaitanco.com
We have updated our Privacy Policy, which provides details of how we process your personal data and apply security measures. We will continue to communicate with you based on the information available with us. You may choose to unsubscribe from our communications at any time by clicking here.
For private circulation only
The contents of this email are for informational purposes only and for the reader’s personal non-commercial use. The views expressed are not the professional views of Khaitan & Co and do not constitute legal advice. The contents are intended, but not guaranteed, to be correct, complete, or up to date. Khaitan & Co disclaims all liability to any person for any loss or damage caused by errors or omissions, whether arising from negligence, accident or any other cause.
© 2021 Khaitan & Co. All rights reserved.
Mumbai
One Forbes
3rd & 4th Floors, No. 1
Dr. V. B. Gandhi Marg
Fort, Mumbai 400 001
Chennai
119/65, First Floor
Dr Radhakrishnan Salai
Mylapore
Chennai 600 004,
India
Noida
Max Towers
7th & 8th Floors
Sector 16B, Noida
Gautam Buddh Nagar
201 301 India
Singapore
Ocean Financial Centre
#37-02 10 Collyer
37th Floor Quay
Raffles Place 049315,
Singapore