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VAT amendment to earn Maharashtra Rs 5000 crore
April, 04th 2013

The state legislative council on Wednesday approved an amendment to extend the deadline for assessment from March 31 to June 30 2013.

The Maharashtra Value Added Tax (Amendment), 2013 allows an extension for assessment of sales tax for the period 2005-06 and 2008-09. In its statement of objects and reasons, the finance department has said dealers have uploaded information of their business transactions online. On analysing the huge data, the Sales Tax department had noticed that substantial revenue was at risk as the period of limitations for assessments was expiring on March 31 2013.

And hence the need for an extension. An ordinance was issued last month.

Rajendra Mulak, minister of state for finance said the extension would help the state earn an additional revenue of Rs 5000 crore.

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