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May 2010

Change in rate of tax — Trade Circular No. 14T of 2010, dated 31-3-2010.

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
Sejal Vasa | Company Secretary
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Part B : Indirect Taxes

MVAT

29 Change in rate of tax — Trade Circular No. 14T of 2010, dated 31-3-2010.

Commodities under MVAT Schedule Entry A-9A & A-51 currently being tax-free, the same would  continue to be tax-free.

Concessional tax rate for raisins and currants under Schedule Entry No. C-108(1)(a), tea in leaf and powder form (including instant tea) under Schedule Entry No. C-108 (1) (b) would continue but with increased MVAT rate from 4% to 5% w.e.f. 1-4-2010 with the result that rates for these commodities would be 5% from 1-4-2010.

For aviation turbine fuel (duty paid) covered by Schedule Entry D-11, when sold within Maharashtra, excluding the geographical limit of Brihan Mumbai Corporation & Pune District, concessional rate of tax 4% would continue. It is clarified that this exemption would continue up to 31st March, 2011 or till the Goods & Service Tax Law is implemented in the State, whichever is earlier.

No extension of concession to timber and dry fruits (other than raisins and currants) which were taxable 4% up to 31st March, 2010. So w.e.f. 1-4-2010 they would be taxable @12.5%.

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