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1. The system of Value Added Tax (VAT) has been implemented, in the State of Maharashtra, w.e.f. 1st April, 2005.
2. The following Acts have been repealed on introduction of VAT: -
i. The Bombay Sales Tax Act, 1959, (BST)
ii. The Maharashtra Sales Tax on the Transfer of Property in goods involved in the execution of Works Contract (Re-enacted) Act, 1989.
iii. The Maharashtra Sales Tax on the Transfer of the Right to use any goods for any Purpose Act, (Lease Tax) and
iv. The Bombay Sales of Motor Spirit Taxation Act, 1958.
3. Thus all transactions of purchase and sales of goods, within the State of Maharashtra, which used to be covered under the above Acts, till 31st March 2005, will now be governed by the Maharashtra Value Added Tax Act, 2002, (MVAT), as amended by Maharashtra Value Added Tax Amendment Bill, 2005.
4. There will be only one tax; i.e., VAT no separate Purchase Tax, Turnover Tax, Resale Tax, Surcharge, Works Contract Tax, and Lease Tax etc.
5. No Concessional Forms such as Form 14, 14A, 14B, 13A and BC Form etc., which used to be there under earlier law.
6. No Resales: All transactions of sales of goods, as well as deemed sale of goods such as Works Contracts, Leases etc., by a dealer, within the State of Maharashtra, are liable to tax under MVAT.
7. Immediate Input Tax Credit, in the month/quarter in which the eligible goods purchased.
8. Composition Schemes for Retailers, Hoteliers, Caterers, Bakers, 2nd Hand Motor Vehicle dealers and Contractors etc.
9. CST will continue for the time being. Thus all transactions of Inter-State Sales, Export, Import, Deemed Export, High Seas sales, Inter-State Branch/Consignment Transfers, Sales in Transit etc. will continue to be governed by the provisions of CST Act. All forms, prescribed under the CST Act, such as Form C, D, E-I, E-II, F and H will continue as it is. The transactions covered by CST Act will remain outside the purview of MVAT.
10. Tax payable by a Dealer: - VAT = Tax on Sales- Input Tax Credit- Credit b/f
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When dealer is liable for registration under MVAT Act?
I also dont know
Can vat credit utilized against CST payment in Maharashtra?
As per return for the month the excess credit of mvat can adjusted against cst payment.
What is Maharashtra value added tax?
1. The system of Value Added Tax (VAT) has been implemented, in the State of Maharashtra, w.e.f. 1st April, 2005.2. The following Acts have been repealed on introduction of VAT: -i. The Bombay Sales Tax Act, 1959, (BST)ii. The Maharashtra Sales Tax on the Transfer of Property in goods involved in the execution of Works Contract (Re-enacted) Act, 1989.iii. The Maharashtra Sales Tax on the Transfer of the Right to use any goods for any Purpose Act, (Lease Tax) andiv. The Bombay Sales of Motor Spirit Taxation Act, 1958.3. Thus all transactions of purchase and sales of goods, within the State of Maharashtra, which used to be covered under the above Acts, till 31st March 2005, will now be governed by the Maharashtra Value Added Tax Act, 2002, (MVAT), as amended by Maharashtra Value Added Tax Amendment Bill, 2005.4. There will be only one tax; i.e., VAT no separate Purchase Tax, Turnover Tax, Resale Tax, Surcharge, Works Contract Tax, and Lease Tax etc.5. No Concessional Forms such as Form 14, 14A, 14B, 13A and BC Form etc., which used to be there under earlier law.6. No Resales: All transactions of sales of goods, as well as deemed sale of goods such as Works Contracts, Leases etc., by a dealer, within the State of Maharashtra, are liable to tax under MVAT.7. Immediate Input Tax Credit, in the month/quarter in which the eligible goods purchased.8. Composition Schemes for Retailers, Hoteliers, Caterers, Bakers, 2nd Hand Motor Vehicle dealers and Contractors etc.9. CST will continue for the time being. Thus all transactions of Inter-State Sales, Export, Import, Deemed Export, High Seas sales, Inter-State Branch/Consignment Transfers, Sales in Transit etc. will continue to be governed by the provisions of CST Act. All forms, prescribed under the CST Act, such as Form C, D, E-I, E-II, F and H will continue as it is. The transactions covered by CST Act will remain outside the purview of MVAT.10. Tax payable by a Dealer: - VAT = Tax on Sales- Input Tax Credit- Credit b/fhttp://caclub.in
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Profession tax Rate 2009-2010?
refer link:http://www.taxguru.in/mvat/new-profession-tax-rates-after-mahrashtra-government-budget.HTMLSr.No.Class ofPersons Rate of Tax 1. 2. 3.1. Salary and wage earners. Suchpersons whose monthly salaries or wages,(a) exceed rupees 5,000 but do not exceed rupees 10,000 175 per month(b) exceed rupees 10,000 2500 per annum, to be paid in the following manner: -a) rupees two hundred per month except forthe month of February;b) rupees three hundred forthe month ofFebruary2. (a) Legal Practitioners including Solicitor and Notaries; 2500 per annum(b) Medical Practitioners, including Medical Consultants and Dentists; 2500 per annum(c) Technical and Professional Consultants, including Architects,Engineers, R.C.C. Consultants, Tax Consultants, Chartered Accountants, Actuaries and Management Consultants;2500 per annum(d)Chief Agents, Principal Agents, Insurance Agents and Surveyors and Loss Assessors registered or licensed under the Insurance Act, 1938, U.T.I. Agents under U.T.I. Scheme, N.S.S. agents under postal Scheme; 2500 per annum(e)Commission Agents, Dalals and Brokers (other than estate brokers covered by any other entry elsewhere in this Schedule); 2500 per annum(f)All types of Contractors (other than building contractors covered by any other entry elsewhere in this Schedule); and 2500 per annum(g)Diamond dressers and diamond polishers; having not less than one year's standing in theprofession. 2500 per annum 3. (a) Members of Association recognised under the Forward Contracts (Regulations) Act, 1952 2500 per annum(b) (i) Member of Stock Exchanges recognised under the Security Contracts (Regulation) Act, 1956; 2500 per annum(b) (ii) Remisiers recognised by the Stock Exchange; 2500 per annum4. (a) Building Contractors; 2500 per annum(b) Estate Agents, Brokers or Plumbers, having not less than one year's standing in theprofession. 2500 per annum5. Directors (other than those nominated by Government) of Companies registered under the Companies Act, 1956, and Banking Companies as defined in the Banking Regulation Act, 1949,Explanation : The term 'Directors' for the purpose of this entry will not include thepersons who are Directors of the companies whose registered offices are situated outside the State of Maharashtra and who are not residing in the State of Maharashtra. 2500 per annum6. (a) Bookmakers and Trainers licensed by the Royal Western India Turf Club Limited; 2500 per annum(b) Jockeys licensed by the said Club 2500 per annum7. Self-employedpersons in the Motion Picture Industry, Theatre, Orchestra, Television, Modelling or Advertising Industries, as follows:(a) Writers, Lyricists, Directors, Actors and Actresses (excluding Junior Artists), Musicians, Play-back Singers, Cameramen, Recordist, Editors and Still-Photographers, 2500 per annum(b) Junior Artists, Production Managers, Assistant Directors, Assistant Recordists, Assistant Editors and Dancers. 1000 per annum8. Dealers registered under the Maharashtra Value AddedTax Act, 2002, or Dealers registered only under the Central SalesTax Act, 1956, whose annual turnover of sales or purchases,-(i) is rupees 25 lakh or less 2000 per annum(ii) exceeds rupees 25 lakh 2500 per annum9. Occupiers of Factories as defined in the Factories Act, 1948, who are not covered by entry 8 above 2500 per annum10. (1)(A) Employers of establishments as defined in the Bombay Shops and Establishment Act, 1948, where their establishments are situated within an area to which the aforesaid Act applies, and who are not covered by entry 8 - Such employers of establishments,-(a) where no employee is employed 1000 per annum(b) where not exceeding twoemployees are employed 2000 per annum(c) where more than two employees are employed 2500 per annum(B) Employers of establishments as defined in the Bombay Shops and Establishments Act, 1948, where their establishments are not situated within an area to which the aforesaid Act applies, and who are not covered by entry 8 -Such employers of establishment,-(a) where no employee is employed 500 per annum(b) where not exceeding twoemployees are employed, 1000 per annum(c) where more than twoemployees are employed 2500 per annum(2)Persons owning / running STD / ISD booths or Cyber Cafes, other than those owned or run by Government or by physically handicappedpersons; 1000 per annum(3) Conductors of Video or Audio Parlours, Video or Audio Cassette Libraries, Video Game Parlours; 2500 per annum(4) Cable Operators, Film Distributors; 2500 per annum(5) Persons owning / running marriage halls, conference halls, beauty parlours, health centres, pool parlours; 2500 per annum(6) Persons running / conducting coaching classes of all types 2500 per annum 11. Owners or Lessees of Petrol / Diesel / Oil Pumps and Service Stations / Garages and Workshops of Automobiles 2500 per annum 12. Licensed Foreign Liquor Vendors and employers of Residential Hotels and Theatres as defined in the Bombay Shops and Establishments Act, 1948. 2500 per annum 13. Holders of permits for Transport Vehicles granted under the Motor Vehicles Act, 1988, which are used or adopted to be used for hire or reward, where any such person holds permit or permits for,-(a) three wheeler goods vehicles, for each such vehicle 750 per annum(b) any taxi, passenger car, for each such vehicle 1000 per annum(c) (i) goods vehicles other than those covered by (a) 1500 per annum(c) (ii) trucks or buses 1500 per annumfor each such vehicle :Provided that the total tax payable by a holder under this entry shall not exceed rupees 2,500 per annum.14. Money lenders licensed under the Bombay Money-lender Act, 1946 2500 per annum 15. Individuals or Institutions conducting Chit-Funds 2500 per annum 16. Co-operative Societies registered or deemed to be registered under the Maharashtra Co-operative Societies Act, 1960 and engaged in any profession, trade or calling -(i) State level Societies 2500 per annum(ii) Co-operative sugar factories and spinning Mills 2500 per annum(iii) District level Societies 750 per annum(iv) Handloom weavers co- operative societies 500 per annum(v) All other co-operative societies not covered by clauses (i), (ii),(iii) and (iv) above. 750 per annum17. Banking Companies, as defined in the Banking Regulation Act, 1949. 2500 per annum 18. Companies registered under the Companies Act, 1956 and engaged in any profession, trade or calling. 2500 per annum 19. Each Partner of a firm (whether registered or not under the Indian Partnership Act, 1932) engaged in any profession, trade, or calling. 2500 per annum 20. Each Co-parcener (not being a minor) of a Hindu Undivided Family, which is engaged in any profession, trade or calling. 2500 per annum 21. Persons other than those mentioned in any of the preceding entries who are engaged in any profession, trade, calling or employment and in respect of whom anotification is issued under the second proviso to sub-section (2) of section 32500 per annu
