RAJASTHAN BUDGET 2010 -VAT CHANGES 5 %

RAJASTHAN BUDET- 2010

 

1. Rate of Tax has been increased from 4% to 5%

 

2. No qtr. Returns for the persons having less than 20000.00
tax.

 

3. E- filing of return compulsory for 5 Lakhs annual Tax
(previously 10 lakh)

 

4. Composition rate 0.5% (enhance from 0.25%)

 

5. VAT rate for 

 

6. New lesser size Qtr. Return with only two attachment.

 

7. VAT audit date has been fixed at 31st. JAN.

 

8. No Annual return for VAT audit / composition dealers (
Only VAT-11 for composition dealers )

THE RAJASTHAN FINANCE BILL, 2010
(to be introduced in the Rajasthan Legislative Assembly)
A Bill
further to amend the Rajasthan Value Added Tax Act, 2003 and Rajasthan Electricity (Duty) Act, 1962, in order to give effect to the financial proposals of the State Government for financial year 2010-11 and to make certain other provisions.
Be it enacted by the Rajasthan State Legislature in the Sixty-first Year of the Republic of India, as follows: -
CHAPTER I
PRELIMINARY
1. Short title.– This Act may be called the Rajasthan Finance Act, 2010.
2. Declaration under section 3, Rajasthan Act No. 23 of 1958.– In pursuance of section 3 of the Rajasthan Provisional Collection of Taxes Act, 1958 (Act No. 23 of 1958) it is hereby declared that it is expedient in the pubic interest that provisions of clauses 3 to 10 of this Bill shall have immediate effect under the said Act.
CHAPTER II
AMENDMENT IN THE RAJASTHAN VALUE ADDED TAX ACT, 2003
3. Amendment of section 3, Rajasthan Act No. 4 of 2003.– In clause (c) of sub-section (1) of section 3 of the Rajasthan Value Added Tax Act, 2003 (Act No. 4 of 2003), hereinafter in this chapter referred to as the principal Act, for the existing expression “rupees five lacs”, the expression “rupees ten lacs” shall be substituted.
4. Amendment of section 16, Rajasthan Act No. 4 of 2003.– In sub-section (4) of section 16 of the principal Act,-(i) in the existing clause (g), for the existing expression “invoices”, the expression “invoices ;or” shall be substituted.
(ii) after the existing clause (g), so amended, the following new clause shall be added, namely:-
“(h) a dealer has failed to furnish information, statement or return as required by Commissioner under sub-section (2) of section 91 within the period specified thereunder-”.
5. Amendment of section 20, Rajasthan Act No. 4 of 2003.– After the existing sub-section (2) and before the existing sub-section (3) of section 20 of the principal Act, the following new sub-section shall be inserted, namely:-
“(2A) Notwithstanding anything contained in this Act, but subject to the provisions of sub-section (2), where a registered dealer sells goods to a department of the State Government or to a public sector undertaking, corporation or company owned or controlled by the State Government or a co-operative society having contribution of State Government in its share capital or a municipality or a Panchayati Raj Institution at district and block level or any other local authority or statutory body constituted by or under a law of the State Legislature, such department, public sector undertaking, corporation, company, co-operative society, municipality,Panchayati Raj institution, local authority or statutory body, as the case may be, shall deduct from the amount payable to the selling dealer an amount equal to tax payable by such dealer on such goods and shall deposit or credit the same in the Government account, in the manner and in the time as may be prescribed.".
6. Amendment of section 23, Rajasthan Act No. 4 of 2003.–For the existing sub-section (1) of section 23 of the principal Act, the following shall be substituted, namely:-
“(1) Every registered dealer who has filed annual return or audit report for the year within the prescribed time shall, subject to the provisions of section 24, be deemed to have been assessed for that year on the basis of annual return filed under section 21 or, as the case may be, the audit report filed under section 73.”.
7. Amendment of section 24, Rajasthan Act No. 4 of 2003.–
In section 24 of the principal Act,- (i) for the existing sub-section (4), the following shall be substituted, namely:-
“(4) Where a dealer, other than those who have opted for quarterly assessment under sub-section (2) of section 23, does not file annual return under section 21, or audit report under section 73, within the prescribed time, the assessing authority or the officer authorised by the Commissioner shall, assess the dealer on the basis of his books of accounts and if he fails to produce the same, to the best of his judgement.".
(ii) after the sub-section (4), so substituted, and before the existing sub-section (5), the following new sub-section shall be inserted,namely:-
"(4A) Where a dealer who has opted for quarterly assessment under sub-section (2) of section 23, does not file return for the quarter within the prescribed period under section 21, the assessing authority or the officer authorised by the Commissioner shall,assess the dealer on the basis of his books of accounts and if he
fails to produce the same, to the best of his judgement for the quarter.”.
8. Amendment of section 37, Rajasthan Act No. 4 of 2003.– In sub-section (4) of section 37 of the principal Act, for the existing expression “Commissioner”, the expression “Commissioner or any other officer authorised by him in this behalf”, shall be substituted.
9. Insertion of section 51A, Rajasthan Act No. 4 of 2003.– After the existing section 51 and before the existing section 52 of the principal Act, the following new section shall be inserted, namely:-
“51A. Power of State Government to waive penalty and interest in certain cases- Notwithstanding anything contained in this Act, the State Government in the public interest, by notification in Official Gazette, may reduce or waive any amount of interest or penalty payable for any period by any class of dealers, subject to
such terms and conditions as may be specified in the notification.”.
10. Amendment of section 82, Rajasthan Act No. 4 of 2003.– In sub-section (3) of section 82 of the principal Act, for the existing expression “remaining demand over and above the admitted tax or other
amounts”, the expression “disputed tax amount” shall be substituted.
Tuesday, March 9, 2010

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