Government Ordinance: MRP based levy on medicine is abolished.

The Governor of Maharashtra has promulgated the Maharashtra ordinance No. V of 2007 Dt. 30/06/2007, by which the MRP based levy on medicine is abolished.

As a result of above ordinance, all the dealers of medicines are now require to pay the taxes on the sales of their medicine from 1st July 2007.The dealers will be entitle to set off @3.5% in respect of stock of medicine as on 30/06/2007.

The retailers having a turnover of less than Rs. 50 lakh can opt for the Composition Scheme under section 42 of MVAT Act, 2002.

In pursuance of clause (3) of article 348 of the Constitution of India, the following translation in English of the Maharashtra Value Added Tax (Amendment) Ordinance, 2007 (Mah. Ord. V of 2007), is hereby published under the authority of the Governor.

(Translation in English of the Maharashtra Value Added Tax (Amendment) Ordinance, 2007 (Mah. Ord. V of 2007),  published under the authority of the Governor.)

FINANCE DEPARTMENT

Mantralaya, Mumbai 400 032, dated the 30^th  June, 2007.

MAHARASHTRA ORDINANCE NO.V OF 2007.

AN ORDINANCE

further to amend the Maharashtra Value Added Tax Act, 2002.

WHEREAS both Houses of the State Legislature are not in session;

AND WHEREAS the Governor of Maharashtra is satisfied that circumstances exist which render it necessary for him to take immediate action further to amend the Maharashtra Value Added Tax Act, 2002, for the purposes hereinafter appearing;

NOW, THEREFORE, in exercise of the powers conferred by clause (1) of article 213 of the Constitution of India, the Governor of Maharashtra is hereby pleased to promulgate the following Ordinance, namely :-