Please find below the main highlights of the budget released by the Maharashtra Assembly for the year 2014-2015

1. P. Tax threshold limit increased from 5000.00 to 7500.00

2. Threshold limit for VAT audit increased from 60.00 lacs to 1.00 cr.

3. Turnover limit for Compulsory Registration of VAT increased from5.00 lacs to 10.00 lacs

4. The penalty for late filing of MVAT return reduced from Rs.5000.00 to Rs.2000.00 for upto 1 month

5. Tax on cotton reduced from 5.00 % to 2.00%

6. Sugarcane tax exempted for 2013-2014

7. Retailers have the option to pay 1% of turnover or 1.5% of the taxable turnover instead of VAT

8. Reduction in luxury tax for new hotels in B & C category Zones. Threshold limit for Luxury Tax also changed, so effectively Hotel Tariff may come down a bit...!