MAHARASHTRA BUDGET 2015-16
The State Budget of Maharashtra for the fiscal year 2015-16 was presented by Maharashtra’s Finance Minister Shri.Sudhir Mungantiwar on 18th March,2015. The government has declared that the Local Body Tax (LBT) will be abolished from 1st August,2015 and the government would compensate the revenue by enhancing the VAT Rate. The government will provide a compensation of Rs.6875 Crores to the Municipal Corporations excluding Mumbai.
The government has made certain amendments in the MVAT Act and tax concessions is provided for few items, whereas tax concessions on essential commodities has been extended upto 31st March,2016. Some medicines for cancer treatment has been made tax-free, which will be later notified by the government. 5% Entry tax will be applicable on long steels. The government has also removed ambiguity in tax rate for certain items.
Budget 2015-16 - Brief commentary on Budget Changes.
Budget 2015-16 - Budget Speech
Budget 2015-16 - Budget Highlights