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The Maharashtra government has decided not to collect advance tax deposits from companies dealing in petroleum products and wheat flour.
A statement issued by the Chief Minister’s Office said that cancellation of the deposit provision was taken at the State Cabinet meeting on Tuesday. Under the VAT Act, a deposit of ₹25,000 for three years is mandatory for companies having a yearly turnover of less than ₹10 lakh.
However, crude oil, natural gas, petrol, diesel and wheat flour are outside the GST regime that replaced the VAT.
Irrigation scheme
In a separate development, the State Cabinet has also decided to give clearance to the third phase of Kukdi irrigation project, which is going to cost ₹3,948 crore to the exchequer. The project was envisoned way back in November 1966 and till date, it has brought an area of 1.44 lakh hectares under cultivation in the districts of Pune, Ahmednagar and Solapur.
The State Cabinet has decided to provide ₹888 crore for the second phase of the Purna river barrage project in Akola district.
The project is expected to provide irrigation benefits to 6,954 hectares in 32 villages of Akola.
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