Budget 2014

GUJARAT STATE BUDGET 2014

Value Added Tax

04/19/2023 3

Estimated overall monetary impact of the State Budget:

Particulars ` in Crores

Surplus in modified budget estimates 570.85

Increase in VAT 200.00

Increase in Stamp duty 34.00

Increase in Motor vehicle Tax 80.00

Reduction in VAT (322.00)

Reduction in Passenger tax (100.00)

Transfer of collection of E.T. by local bodies (9.00)

Estimated overall surplus 453.85

04/19/2023 4

Change in percentage of Reversal of VAT credit for Outside Gujarat Sales:

Terms Previous Provision

Revised Provision

Percentage of Reversal on purchases of goods made from within the State and used in interstate sales

2% 1%(w.e.f 1st

October, 2014)

• The above changes will be effective from 1st October 2014.

Total Value of taxable goods sold

Value of goods sold in the course of inter

state salesTotal value of Purchases

eligible for input tax credit & used for

manufacture / sale of goods

1%

Details Previous Revised

Total Sales ` 50,00,000Inter State Sales ` 20,00,000Local Purchase ` 10,00,000

Reversal rate 2% 1%

Reversal of Credit ` 8000 ` 4000

04/19/2023 6

Proposed changes

Provisions Previous Revised

Stamp duty leviable on transfer on Immovable property

1% 3.5%

Partner brings an immovable property as Capital - Stamp duty leviable

` 10,000(Maximum limit)

3.5%

Passenger tax on sale of tickets for State Transport

17.5% 7.5%

This presentation is prepared exclusively for the benefit and use of the clients of K. C. Mehta & Co. This should not be used as a substitute for professional advice. Reasonable care has been taken for ensuring the accuracy and the authenticity of the contents of the presentation. However, we do not take any responsibility for any error or omission contained therein on any account. It is recommended that the readers should take professional advice before acting on the same. The provisions contained in Finance Bill 2013 are the proposals and are likely to undergo amendments while passing through the Houses of the Parliament before being enacted.