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Few important amendments in MVAT are as follows:-
• Definition of “Purchase price” and “sale price” amended to exclude Service Tax if separately collected.
• Late Fee for delayed return filed before thirty days reduced to Rs.1,000/- from Rs.2,000/-.
• Application u/s.23(11) for cancellation of assessment order also provided for order passed u/s. 23(5). • Dates for working of interest for filing annual revised return provided.
• Schedule Entry C-4 amended to include embroidery thread in category of sewing thread with effect from 1.4.2005.
• Notification under Schedule Entry C-54 amended to include white butter in relation to “Desi Loni” with effect from 1.4.2005.
• Schedule Entry C-91 amended so that spices shall include spices in all forms of varieties and mixtures of any of the spices with effect from 1.4.2005.
Amendment in Professional Tax Act :
Female Employee getting salary less than Rs. 10,000/- per month : Employee Professional Tax will be Nil.
