Maharashtra Value Added Tax Act 2002 (Amendment) Bill, 2024, Approved by Legislative Bodies
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Nagpur, Dec 19 (NationPress) The Maharashtra Value Added Tax Act 2002 (Amendment) Bill, 2024, has successfully passed through both chambers of the legislature on Thursday.
Deputy Chief Minister Ajit Pawar stated that the state administration will work through the GST Council to alleviate the tax burden on farmers concerning GST currently applied to essential goods, fertilizers, seeds, and medicines linked to the agricultural sector.
"Our nation has embraced the idea of 'One Nation One Tax', leading to the establishment of the GST tax framework. Numerous concessions and subsidy initiatives are being rolled out by both the central and state governments to support farmers in the state. The state government is committed to providing relief to farmers, ensuring they are exempt from GST payments on various agricultural-related items," he remarked.
Ajit Pawar further indicated that the government would enhance efforts to ensure greater coherence and transparency in the GST collection process within the state.
He noted that 16 percent of the total tax revenue in the country is sourced from Maharashtra alone.
"Maharashtra holds the largest share of total tax revenue in the nation. Consequently, targeted efforts will be employed to enhance coherence and transparency within the GST framework in the state. Special measures will be taken to prevent tax evasion in regions bordering the state. Numerous concessions and subsidy programs are in place by both the central and state governments to assist farmers," he added.
The Maharashtra Value Added Tax Act 2002 (Amendment) Bill, 2024, aims to boost the revenue of the state government. Under Section 37 of the current Maharashtra Value Added Tax Act, 2002, the initial burden of the state on recovery was conditional. The amendments allow for a quicker recovery process once the unconditional first burden is established under the Maharashtra Value Added Tax Act, 2002.
Traders procure petrol and diesel from oil corporations and supply it to vessels anchored in the ocean in barrels. These traders are exempt from taxation by considering this supply as if it is made through other petrol stations. This amendment will curb tax evasion by refining the definitions of retail outlets and clarifying retail sales in the Act. Additionally, by incorporating appropriate clarification in Section 2 (24) (five) of the Act, taxation will be applicable on sales made by an organization or club to its members.
