Maharashtra VAT Rules

Where an application is made by an eligible Industrial Unit to the Commissioner for grant of a Certificate of Entitlement under any of the Package Schemes of Incentives, the Commissioner shall grant the Certificate of Entitlement subject to following conditions whichever is later:-

The eligible Industrial Unit has made payment of tax, interest and penalty for which demand, if any, is raised under the Act.

The eligible Industrial Unit has filed due returns and made payment of tax, interest and penalty due from it under the Bombay Sales Tax Act, 1959 or, as the case may be, the Maharashtra Value Added Tax Act, 2002 and Central Sales Tax Act, 1956 for all the periods ending on or before the date of grant of Certificate of Entitlement.

Manner Of Determination Of Net Present Value For The Purposes Of Sub-Section (2) Of Section 94:

For the purposes of sub-section(2) of section 94, the amount equal to the net present value, to be paid in lieu of the deferred tax, shall be calculated in accordance with the Table and the Notes given below.

Note:-(1) The period in months, between the date of actual payment and the extended date of payment shall be the aggregate of: the number of completed months contained in such period, and

the number of obtained by dividing by thirty the sum of the number of days from the date of actual payment to the end of the month in which the payment is made and the number of days from the first day of the month in which the extended date of payment falls to date immediately preceding the extended date of payment;

Provided that, the number obtained under clause (b) shall be rounded off to the nearest integer:

Provided further that, if such number either contains or is a fraction, which is half, then the nearest integer of such fraction shall be deemed to be one.

Note:-(2) The net present value of the amount to be paid in lieu of deferred tax, shall be such percentage of deferred tax mentioned in column (3) of the Table for the corresponding period (as ascertained under Note (1) above) as respectively stated against it in column (2) thereof.