WEST BENGAL BUDGET HIGHLIGHTS 2015-16
INTRODUCTION
The West Bengal government’s Finance Minister Amit Mitra presented the Budget for 2015-16 without any new taxes and projected a nearly 16% rise in Plan outlay. The existing taxation policy is retained for 2015-16. The threshold limit of VAT is increased from Rs.5 lakhs to Rs.10 lakhs. An amnesty scheme is being introduced for unregistered dealers upon payment of a reduced tax on their self-declared turnover for past periods without payment of interest and penalty. This scheme is opened from 01-04-2015 to 31-07-2015.
For the development of MSMEs and small dealers of the State, the threshold limit is increased from Rs.5 crores to Rs.10 crores.
The Input Tax Credit (ITC) on duty credit scrips which is allowed only to the traders, is now being extended to the manufacturers also, so as to boost the exports from the State.
Increase in VAT Threshold
The threshold of annual turnover for paying value added tax has been raised to Rs 10 lakh, against Rs 5 lakh earlier. This will remove nearly 20,000 dealers from its ambit.
Amnesty Scheme for registration
An amnesty scheme is introduced for unregistered dealers, upon payment of a reduced tax on their self-declared turnover for past periods without payment of interest and penalty. This scheme is opened from 01-04-2015 to 31-07-2015.
Settlement of Dispute Scheme
The dealers can discharge past liabilities by paying a fixed percentage of past dues, with full waiver of interest and penalty for assessment cases pending in appeal or revision as on 31st January 2015. The last date for making application for such settlement will be 31st July, 2015.
VAT Audit relief to MSMEs
The dealers should compulsorily file the Audit Report by a Chartered Accountant. For the development of MSMEs and small dealers of the State, the threshold limit is increased from Rs.5 crores to Rs.10 crores.
Filing of self-audit statement is mandatory for dealers with an annual turnover of less than Rs.10 crores.
Speedy Tax Refund
Post-assessment refund will be granted within one month of issue of the assessment order.
Extending the scope of pre-assessment Refund
The dealers are entitled to pre assessment refund if the combined export and inter-state turnover exceeds 50% of the total turnover.
Reducing Litigation
Pending cases with demand upto Rs.1 Crore will be transferred from Appellate and Revisional Board to the Fast Track Administrative Authority.
Input tax credit on Duty Credit Scrips
The Input Tax Credit (ITC) on duty credit scrips which is allowed only to the traders, is now being extended to the manufacturers also, so as to boost the exports from the State.
Click to view
West Bengal Budget Speech 2015-16
