- Maharashtra Govt. explains amendments to various Acts administered by Sales Tax Dept. pursuant to Budget 2016-17 proposals, including Maharashtra VAT Act; Inter alia elucidates the amendments related to returns, clarifying that periodicity of filing returns for periods prior to April 1, 2016 has not been changed, and that bar on suo motu multiple revised returns u/s 20(4)(a) has been removed, while period thereof has been brought at par with due date of filing Audit Report;
- As regards introduction of ‘summary assessment’ u/s 23(2A), Govt. states that same may be done on the basis of returns filed by registered dealer for periods starting from April 1, 2012, and also talks about steps involved in closure of assessment proceeding in terms of newly inserted Sec 23(5A);
- Tax liability determination as per “fair market price” has been introduced retrospectively u/s 28A w.e.f. April 1, 2011, such power shall be applicable to all proceedings under the Act, i.e. assessment, rectification, review and appeal;
- Also explains the changes to TDS provisions u/s 31, stating that an employer is liable to deduct tax at source if amount payable to contractor is Rs 5 lakhs or more during any year, while listing down the modus operandi of Advance Ruling provisions u/s 55 w.e.f. May 1, 2016 : MVAT Trade Circular