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1. The system of Value Added Tax (VAT) has been implemented, in the State of Maharashtra, w.e.f. 1st April, 2005.
2. The following Acts have been repealed on introduction of VAT: -
i. The Bombay Sales Tax Act, 1959, (BST)
ii. The Maharashtra Sales Tax on the Transfer of Property in goods involved in the execution of Works Contract (Re-enacted) Act, 1989.
iii. The Maharashtra Sales Tax on the Transfer of the Right to use any goods for any Purpose Act, (Lease Tax) and
iv. The Bombay Sales of Motor Spirit Taxation Act, 1958.
3. Thus all transactions of purchase and sales of goods, within the State of Maharashtra, which used to be covered under the above Acts, till 31st March 2005, will now be governed by the Maharashtra Value Added Tax Act, 2002, (MVAT), as amended by Maharashtra Value Added Tax Amendment Bill, 2005.
4. There will be only one tax; i.e., VAT no separate Purchase Tax, Turnover Tax, Resale Tax, Surcharge, Works Contract Tax, and Lease Tax etc.
5. No Concessional Forms such as Form 14, 14A, 14B, 13A and BC Form etc., which used to be there under earlier law.
6. No Resales: All transactions of sales of goods, as well as deemed sale of goods such as Works Contracts, Leases etc., by a dealer, within the State of Maharashtra, are liable to tax under MVAT.
7. Immediate Input Tax Credit, in the month/quarter in which the eligible goods purchased.
8. Composition Schemes for Retailers, Hoteliers, Caterers, Bakers, 2nd Hand Motor Vehicle dealers and Contractors etc.
9. CST will continue for the time being. Thus all transactions of Inter-State Sales, Export, Import, Deemed Export, High Seas sales, Inter-State Branch/Consignment Transfers, Sales in Transit etc. will continue to be governed by the provisions of CST Act. All forms, prescribed under the CST Act, such as Form C, D, E-I, E-II, F and H will continue as it is. The transactions covered by CST Act will remain outside the purview of MVAT.
10. Tax payable by a Dealer: - VAT = Tax on Sales- Input Tax Credit- Credit b/f
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Value Added Taxvalue added tariffVAT is the abbreviation for "Value added Tax"-------------------------------------- ------ ----------------------------------------------
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What does vat stand for?
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