MVAT - RATE OF TAX: [SECS. 5 & 6] AS PER SCHEDULES

Schedule A	Essential Commodities (Tax free)	Nil
Schedule B	Gold, Silver, Diamonds, Precious & semi precious Stones, Pearls etc (1.1% during 1-4-13 to 31-3-14)	1%
Schedule C	Declared Goods and other specified goods	5%
Schedule D	Foreign Liquor, Country Liquor, Motor Spirits, etc	At specified rates
Schedule E	All other goods (not covered by A to D)	12.5%

Tax payable by a dealer:  [Sec. 4]

A dealer is liable to pay tax on the turnover of sales of goods, (and turnover of purchases of specified goods, in sections 6A and 6B) within the State, as per the rates specified in the schedules. The tax so payable for any tax period shall be reduced by the amount of input tax credit (set off) for which the dealer is eligible during the same tax period.

Introduction of the Concept of Purchase Tax: (Sections 6A and 6B)

These newly introduced sections [vide The Maharashtra Tax Laws (Levy, Amendment and Validation) Act, 2012], w.e.f. 1st May, 2012, provide for levy of purchase tax on purchase of oil seeds in certain specified circumstances as provided in section 6B. Similarly purchase tax will be applicable on purchase of cotton, as provided in section 6A, from a date to be notified. The rate of purchase tax shall be same as provided in Schedule C.

Tax Period

Tax Period in relation to a dealer may be a calendar month, quarter (a period of three months; i.e., April to June, July to September, October to December and January to March) or six months (prescribed period of six months; i.e., April to September and October to March).