Giving his comments on the Maharashtra State Budget for 2009-10 announced by the State Finance Minister Shri Dilip Walse Patil here today, Mr Pramod Chaudhari, Chairman, Maharashtra State Council, particularly applauded the State Government of some of the tax reform measures.
Simplification of VAT refunds schemes for dealers is something the CII has been pursuing and Mr Chaudhari said, that simplification of VAT refunds schemes for dealers with refund below Rs 5 Lakhs, to get early refunds is a positive development. Computerisation of Sales tax Departments will also fasten the procedures and thus be easier for the exporters.
Other issues viz Exemption from Profession tax for salary income upto Rs 5000, relief to tax payers and Amnesty schemes under Profession tax Payers which will be operational from July 2009, would be beneficial to the Profession Tax payers/industry.
Mr Chaudhari said that Incentives to space research, reduction in the Tax rates on Cotton Ginning and Pressing machinery and Tax reduced on solar energy devices and CFL and also on medicals equipments were noteworthy proposals announced by the government.
However, Mr Chaudhari said, that this budget comes as a disappointment on Octroi as no measures to address this issue has been proposed. He mentioned that Increase in the Motor Vehicle Tax would affect the industry. He also stressed that the Restructuring of stamp duty on various agreements is a serious issue and requires detailed study as this would have an impact on the industry to great extent.
