Maharashtra Vat Amnesty Scheme:Maharashtra Deputy Chief Minister Ajit Pawar, who holds the finance and planning departments, in the annual budget for 2022-23 has announced Amnesty Scheme 2022 for the GST department.The scheme Maharashtra Settlement of Arrears of Tax, interest, penalty or late fee scheme 2022, is to be applicable from April 1 to September 30, 2022.
There will be a complete waiver of the arrears in CSS where they are of Rs 10,000 or less per year. As a result, small dealers will be benefited in almost 1 lakh cases.Dealers having arrears up to Rs 10 lakh or less will pay an online lump sum of 20% amount. As a result medium dealers will benefit in almost 2.20 lakh cases.
Maharashtra Vat Amnesty Scheme
Maharashtra Deputy Chief Minister Ajit Pawar on Friday presented a revenue deficit budget while announcing an amnesty scheme for Goods and Services Tax (GST) payees and a reduction of VAT on natural gas, among other tax concessions.
Tabling the third budget of the Shiv Sena-NCP-Congress government in the Legislative Assembly, Pawar, who holds the finance portfolio, said a provision of Rs 1,50,000 crore has been made for the annual plan.
As per the budget estimates, revenue receipts would be to the tune of Rs 4,03,427 crore, and revenue expenditure at Rs 4,27,780 crore.
There would be, thus, a revenue deficit of Rs 24,353 crore, Pawar said.The tax revenues as per the revised estimate for year 2021-22 would be Rs 2,75,498 crore. This includes revised estimate of Rs 1,55,307 crore on account of GST, VAT, Central Sales Tax, Professional Tax and other important taxes.There would be an amnesty scheme for GST arrears, to be called the `Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Scheme, 2022′, the finance minister announced.
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Maharashtra VAT amnesty scheme 2022
- Tax revenue of the State, as per the revised estimates for the year 2021-22 is expected to be rupees two lakh seventy five thousand four hundred ninty eight crore. This includes revised estimates of rupees one lakh fifty five thousand three hundred seven crore on account of the Goods and Services Tax (GST), Value Added Tax (VAT), Central Sales Tax (CST), Profession Tax (PT) and other important taxes.
- After Covid-19 Global Pandemic, the State Economy is now gearing up slowly. However, current Russia-Ukraine war is affecting international economy catastrophically, which will definitely affect agriculture, industry and service sector in our State. Hence, it will not be easy to achieve the revised estimates. Inspite of this, the Government will make sincere efforts to achieve the revised target in revenue collection.
- To provide relief to the common citizen, the industry and business, I propose the following measures in various sectors :—
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Tax Concession Proposals :—
- I propose Amnesty Scheme, for Goods and Services Tax Department. This Amnesty Scheme will be called as “Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Scheme-2022”.
This Scheme is applicable regarding concessions on various taxes levied by Sales Tax Department before introduction of GST Act and duration of this Amnesty Scheme will be from April 1, 2022 to September 30, 2022.
- Environment friendly Natural Gas is largely used for domestic piped gas and CNG powered motor vehicles, auto rickshaws, taxis and private vehicles. It is proposed to reduce the rate of value added tax on natural gas from 13.5 percent to 3 percent to encourage the use of environment friendly natural gas and to provide relief to the citizens. As a result, the State may incure a revenue reduction of about rupees 800 Crore.
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- With the view to incentivize the construction business, time period in which stamp duty paid on earlier deed to be adjusted against subsequent deed, is increased from one year to three years as per the provision of article 5 (g-a) (ii) of Maharashtra Stamp Act.
- If any donor is transferring land without consideration to the corporations, local self-governing bodies under jurisdiction of State of Maharashtra free of cost, then current Stamp Duty of 3 percent on gift deed or 5 percent on sale deed is being fully exempted under Section 9 of the Maharashtra Stamp Act. As a result, the State may incure a revenue reduction of about rupees 21 Crore.