Parliament Passes Maharashtra VAT Amendment Bill 2024

Both legislative houses approved the Maharashtra Value Added Tax Act 2002 (Amendment) Bill, 2024. According to Deputy Chief Minister Ajit Pawar, the state government will work through the GST Council to alleviate farmers of the GST that is currently levied on necessities, seeds, fertilizer, and medications that are associated with the agricultural industry.

"The 'GST' tax system was created as a result of our nation's adoption of the 'One Nation One Tax' principle. The federal and state governments are implementing many concessions and subsidy programs for the state's farmers.

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The goal of the Maharashtra Value Added Tax Act 2002 (Amendment) Bill, 2024, is to raise state government revenue. According to Section 37 of the current Maharashtra Value Added Tax Act, 2002, the state's initial recovery burden was contingent upon several factors.

As per the NDTV news report, a quicker recovery is feasible following the establishment of the unconditional first burden under the Maharashtra Value Added Tax Act, 2002.

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Oil firms sell gasoline and diesel to traders, who then deliver the barrels of fuel to boats anchored in the deep sea. By treating this supply as though it were made through other gas pumps, the merchants are immune from paying taxes. By adding a definition of a retail outlet and an explanation of retail sales to the Act, this amendment will stop tax avoidance. Additionally, it will be permissible to impose tax on sales made by a club or organization to its members by adding an appropriate clarification to Section 2 (24) (five) of the Act

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