Maharashtra Value Added Tax (MVAT) Overview

Discover the intricacies of the Maharashtra Value Added Tax (MVAT) Act, 2002, introduced to replace the Bombay Sales Tax Act. This presentation explains MVAT's purpose as a uniform, transparent, and globally acceptable indirect taxation system. Learn about its applicability, key terms such as "goods," "purchase price," and "sale price," and how VAT is levied on tangible and intangible goods. A valuable resource for students, professionals, and anyone interested in Indian taxation systems.

1. Maharashtra Value Added Tax (MVAT) GROUP NO 9 VRUSHALINI SHARAN MANDAR PRASAD ATHARVA

2. INTRODUCTION VAT Is a system of indirect taxation, which has been introduced in lieu of sales tax. It is the tax paid by the producers, manufacturers, retailers or any other dealer who add value to the goods and that is ultimately passed on to the consumer. VAT has been introduced in India to ensure a fair and uniform system of taxation. It is an efficient, transparent, revenue-neutral, globally acceptable and easy to administer taxation system. Rate of VAT Applicable in the Country is between 4% to 12.5%

3. HISTORY OF (MVAT) VAT has been introduced in India to ensure a fair and uniform system of taxation. It is an efficient, transparent, revenue-neutral, globally acceptable and easy to administer taxation system. The entire Bombay Sales Tax Act and certain related taxes got replaced by the Maharashtra Value Added Tax Act (VAT Act), 2002 with effect from 1st April 2005 Earlier the State of Maharashtra had introduced VAT in respect of very few specified items under the old Bombay Sales Tax Act. VAT in Maharashtra is levied under a legislation known as the Maharashtra Value Added Tax Act (MVAT Act 2002) . VAT is levied on sale of goods including intangible goods.

4. Applicability of VAT GOODS RATE ITEMS COVERED SCHEDULE A NIL TAX FREE GOODS SCHEDULE B 1% GOLD, SILVER, PRECIOUS METAL AND STONE SCHEDULE C 4% GOODS USED FOR INDUSTRIAL INPUT SCHEDULE D 20% FOREIGN LIQUOR, INDIAN LIQUOR, MOLASSES, HIGH SPEED DIESEL OIL SCHEDULE E 12.5% REMAINING

5. “GOODS’ means every kind of moveable property Does not include:- Newspapers, Actionable claims, Money, Stocks, Shares, Securities or lottery tickets Includes:- Live stocks, growing crop, grass and trees and plants including the produce thereof including property in such goods attached to or forming part of the land which are agreed to be severed before sale or under the contract of sale; DEFINATIONS AND TERMS OF (MVAT) GOODS-

6. Purchase Price Lorem ipsum dolor sit amet, consectetur adipiscing elit. Lorem ipsum dolor sit amet, consectetur adipiscing elit. "Purchase Price" means the amount of valuable consideration paid or payable by a person for any purchase made including any sum charged for anything done by the seller in respect of the goods at the time of or before delivery thereof, other than the cost of insurance for transit or of installation, when such cost is separately charged."

7. Sale Price Phone Number Email [phone] [email protected] Website "Sale Price" means the amount of valuable consideration paid or payable to a dealer for any sale made including any sum charged for anything done by the seller in respect of the goods at the time of or before delivery thereof, other than the cost of insurance for transit or of installation, when such cost is separately charged.

8. Sale Initial Research Seeding Companies Company Analysis "Sale" means a sale of goods made within the State for cash or deferred payment or other valuable consideration but does not include a mortgage, hypothecation, charge or pledge.

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