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Profession tax is the tax levied and collected by the state governments in India. It is a direct tax. It is a direct tax. A person earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary, cost accountant, Software Engineer, lawyer, doctor etc. are required to pay this professional tax.
The Ministry of Revenue is a ministry of the Government of Maharashtra. It is responsible for preparing annual plans for the development of Maharashtra state. [1] [2] The ministry is headed by a Cabinet level by Chandrashekhar Bawankule, current minister of revenue.
The tax came into effect from 1 July 2017 through the implementation of the One Hundred and First Amendment of the Constitution of India by the Indian government. The GST replaced existing multiple taxes levied by the central and state governments. It an indirect tax (or consumption tax) used on the supply of goods and services. It is a ...
Maharashtra State Innovation Society was established in 2018 [6] and it comes under Ministry of Entrepreneurship and it is a nodal government agency to promote innovation-driven entrepreneurial ecosystem in the state of Maharashtra [7]
The upward revision of profession tax will also help the State Governments in raising additional resources. 3. It is accordingly proposed to amend clause (2) of article 276 of the Constitution to increase the ceiling of profession tax from two hundred and fifty rupees per annum to two thousand and five hundred rupees per annum.
The tax is to be paid by a registered trader within 40 days. As per the rules, every trader whose annual turnover of purchase and sales of the goods included in the taxable schedule is not less than ₹ 5000 and if the annual turnover of purchase and sales of all the goods is not less than ₹ 1,00,000 (one lakh) is supposed to be registered with the local civic body i.e. municipality.