Madhya Pradesh
Budget 2012-2013-Proposals
1.
Registraion:-(a)Waiver of
Registration fee- It is proposed to waive registration fee if Registration is
applied on-lie
(b) Increase of Registration fee- Fee would be
Rs.1000/- (presently Rs.500/-) if registration applied manually,
Fee is being increased to just avoid manual
applications & promote use of online facility
(a) It is proposed
to allow excess of Input Tax credit(input Tax Rebate ITR) to adjust against Interest & penalty,
presently excess of ITR can be adjust to tax liability
(b) ITR would be
allowed to Bidi dealer against VAT paid on purchase of Tendu patta
(c) To promote
timber merchant, ITR would be extended against VAT paid on Input for
manufacture of Furniture
(d) Coal &
other raw to used in generation & distribution of Electricity would qualify
for ITR
(e) Facility of
total rebate on goods being used in production of kapasya (Sakri) Khali at par
with Soya de-oiled cake and VAT reduction
at source on tilli like Soyabean, musterd & cotton
3.
Transportation of Goods-Facility to release confiscated goods even
after penalty imposition on the basis of cash guarantee or bank guarantee
during transport checking and release of such security after first appeal.
4. Provision for
rehearing of the cases decided on ex-parte basis/best judgment basis
5. Extension of Tax Base:-
(a) Proposed to tax
Sugar & Textile for VAT @5%
(b) Proposed to start taxing Petrol &
Diesel and natural Gasat multistage as other items are being taxed
(c) Proposed to tax
Electricity generation & distribution for VAT @5%
(d) Additional Taxation by the rate of VAT on CEMENT and Tendu patta leaves if transported by road
6. Reduction Tax Rate:-
(a) VAT on Petrol shall be reduced to 27%
(b) VAT on A.T.F.
shall be reduced to 23% at Bhopal & Indore airport and 13% at other
locations
(c) Exemption of VAT on Plant & machinery, equipments
& tools to be used in Generation & distribution of Power &
electricity
(d) Exemption from VAT tax on the following items:- (i)
pipes being used in driirrigation (ii) Ghamela Tasla, Tagari made from plastic
(e) VAT tax reduced from 13% to 5% :- (i) Khakhra (ii)
Khas-Khas (iii) All types of CFL/LED & tubes (iv) PCC
Poles (v) Adult diaper & sanitary napkins (vi) photography paper (vii)
Aluminum circle & sheets
Entry Tax
à Exemption from entry tax on metal casting,
ferrous and non-ferrous metal and alloy, iron and steel being used in
manufacturing industry to make engineering industry more competitive in the
state.
à To restructure entry tax similar to VAT
taxes. Structure of VAT taxes will be as following:
(a) Goods
mentioned in Madhya Pradesh VAT Act Schedule I and Schedule II, part I will be
exempted from entry tax.
(b) Rate of entry
tax will be 1 percent for goods
mentioned in Schedule I, Part- II of VAT Act but cotton and cotton waste, yarn will be exempted from tax and there will be no change on entry tax on iron and steel, coal and LPG.
mentioned in Schedule I, Part- II of VAT Act but cotton and cotton waste, yarn will be exempted from tax and there will be no change on entry tax on iron and steel, coal and LPG.
(c) Rate of entry
tax will be 2 percent on the goods mentioned in Schedule I, Part III and IV of
VAT Act but there will be no change in the rate of entry tax on petrol, diesel,
pan masala, gutka, cigarette and bidi.
Professional Tax
Exemption limit raised from ` 1,20,000 to ` 1,50,000 for
professional tax to provide relief to low income employees and exemption from
profession tax even to small scale businessmen and industrialists having
turnover upto ` 10 lacs per year.
Stamp Duty
è Stamp duty and panchayat fees payable on documents of security
mortgage being reduced from 0.5 to 0.25 percent.
è Stamp duty on documents of guarantees of education loans being
reduced from 0.5 percent to ` 100 per document.
è Stamp duty on contract papers regarding land development in
residential colonies being reduced from 3 percent to 1 percent.
è
Registration duty
rate to be maximum ` 1000 on document of release of mortgages.