Highlights of M.P. State Budget 12-13……… R.S. Goyal
1. ITR Now the Interest and Penalty imposed during the assessment proceedings can be adjusted from ITR. Now if we made the payment of Local purchases thru Pay order/ Internet Banking then also we would be eligible for ITR. Timber (Now the ITR can be claimed on consumption of Timber in the manufacturing of Furniture ) Full ITR on Raw Material used in manufacturing of cotton seed cake. TDS Facility (Like Soya bean, Sarsow and Cotton) shall we available on TILLI. ITR would we available on coal and other raw material used in the generation and distribution of electricity. Tendu Patta (Now the ITR can be claimed on consumption of Tendu patta in manufacturing of Bidies ) Timber (Now the ITR can be claimed on consumption of Timber in the manufacturing of Furniture ) Supply of Capital Goods in construction Activity Now the amount of such items will be reduced from total value Multi stage Vat on petrol diesel and natural gas. ITR would also be available on these items. Rule 9‐A Deduction of Land on Guideline Value, in place of previous practice of availability of deduction up to 150% of the cost of land. 2. VAT Reduced Tendu Patta Form 25.30% to 25% (Now the ITR can be claimed on consumption of Tendu patta in manufacturing of Bidies ) Petrol Form 28.75% to 27% ATF Form 28.75% to 23% in case of sales made at Indore & Bhopal Form 28.75% to 13% in case of sales made at places other than Indore & Bhopal Reduction of Taxes form 13% to 5% Khakhra Khaskhas All type of CFL/LED bulb tube PCC Poles Adult draper and sanitary napkins Photographic paper Aluminum Circles and sheets 3.VAT Increased Bidies :‐ Vat increased from 5% to 13% 4. VAT Exempted Exemption from VAT Pipes used in Drip Irrigation Plant, machinery, equipments and parts thereof, used in generation & distribution of Electricity proposed to exempted from Vat 5. VAT Imposed Taxes imposed on new commodity 5% VAT Imposed on Cloth & Sugar 5% Vat on generation & distribution of Electricity 6. Online No fees on online filing of RC Application On manual filing of RC Application Fees increased from 500 to 1000/‐ 7. Penalty u/s 57 In case of Penalty proceedings u/s 57 of vat Act the bank Guarantee can be submitted even after imposition of penalty. Now the Bank Guarantee shall not be invoked up to the disposal of appeal cases. In case of Penalty proceedings u/s 57 of vat Act if the Transporter Authorises the Consignor or Consignee then the appeal against such cases can be filed before the DC having jurisdiction over the cases of Consignor or Consignee 8. Rationalisation of E.T. Schedule Schedule of ET has been matched with the Schedule of VAT Goods Mentioned in schedule I st and part 1 of schedule II nd of Vat Act, proposed to be exempted from Entry tax Entry tax proposed @1% on all the Goods Mentioned in schedule II nd and part 2 of MP Vat Act, except on cotton, cotton waste, yarn, Iron & steel, coal, LPG. Cotton, cotton waste and yarn Shall be exempted and there shall not be any change in rate of Entry Tax Iron & steel, coal, LPG. Entry tax proposed @2% on all the Goods Mentioned in schedule II nd and part 3 & 4 of MP Vat Act, except Petrol Diesel, Pan Masala, Gutkha, Cigarette and Bidi. and there shall not be any change in rate of Entry Tax on Petrol Diesel, Pan Masala, Gutkha, Cigarette and Bidi. 9. E.T. Exempted Exemption from payment of Entry Tax granted to certain industries shall continue. For making the engineering industries more competitive, metal costing, ferrous and non ferrous metal and alloys and Iron & Steel shall be exempted from entry tax Exemption from Entry Tax on all ferrous and non ferrous metals 10. Benefits to small dealer For the facility of filing of Annual Return, the turnover limit increased from 20 crores to 60 crores and the dealer who annual composition amount is less than 30000/‐ Threshold limit for the Local Traders increased form 5 lacs to 10 lacs for importer it is 5 lacs only 11. Appeal Now the stay in appeal, would be allowed up to the disposal of appeal Now in case of passing of expert order by appeal Board , application for restoration can be filed 12. Entertainment Tax Cinema Hall having rate of Ticket less than Rs. 50 would be exempt form tax 13. Professional Tax Profession Tax exemption limit increased form 1,20,000 to 15,0,000/‐ No professional Tax on GTO upto Rs. 10 Lacs