Category: Gujarat Vat

Gujarat Budget highlight for the year 2015-16

Shri Saurabhbhai Patel has presented gujarat budget for the year 2015-16 on 24th February, 2015. I have presented gujarat budget highlight for the year 2015-16 in this article. Gujarat Budget highlights for the year 2015-16: sector wise allocation of funds: Go through table below to get inside sector wise allocation of fund as per gujarat budget 2015-16. HeadProvision (in crores) Agriculture and allied activities4660.11 Rural development2238.74 Special area programme216.84 Irrigation and flood control13937.19 Enery6630.02 Industries and Mines2766.68 Trasportaion6568.28 Communication1000.43 Science, technology and environment557.53 Economic services2117.15 Social service38384.15 General service117.99 Total79295.11 Summary of fund allocation for various projects: Rs. 9000...

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Gujarat work contract scheme 2014 for civil contractors

Gujarat government has introduced gujarat work contract scheme 2014  for civil work contractors and developers through budget 2014 vide notification GST-1014-884-VAT CELL dated . It is covered under section 41 of Gujarat Vat. Reason for the gujarat work contract scheme 2014 : In judgement of larson and turbo case, honable supreme courte has cleared the point that transfer of immovable property in contrustruction work  is taxable as deemed sale. Who can get benefit? Registered or unregistered dealer under gujarat vat can avail the scheme. Civil contractor can take the benefit of the scheme. The dealer who is under processing...

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Extension of time limit for filling gujarat vat return for Q2

Due date for Gujarat vat return: Businessmen can file manual return up to 30/10/2010 for quarter ending 30/9/2010. Application for extension: Lawyers and businessman has applied for extension of time limit for filling gujarat vat return. Reason for extension: The reason for extension of due date is various festivals like diwali etc. coming in october month.   Extension of time limit for gujarat vat return: Finally goverment issued circular dated 15/10/2014 and through it extend the due date of gujarat vat return to 14/11/2014. So tax professionals get relief of 14 days. You can download circular for extension of time limit from the end of the post. Relief for interest and penalties: So there is no interest or penalties levied for return filed up to 14/11/2014 as per Gujarat  vat rules 2003 and Gujarat VAT rules, 2006.    ...

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Gujarat Modified Budget highlights 2014-15

Gujarat modified budget highlights (2014-15) are as under Reduction in tax credit to 1% (before rate 2%) for purchase of goods made within the state and used in interstate sale. This change will be applicable from 1/10/2014. Benefits of this changes is not available to petroleum products and natural gas. Exemption to LPG gas for domestic use in the state has been deleted. New mechanism will be applied for gas companies. In state, many civil work contract and developer has evaded work contract tax. Work contract tax rate for lump sum payment is 0.6% with effect from 2003. To collect the tax retrospectively, the government will announce the scheme for payment of lump sum tax on work contract. The payer can get exemption from interest and penalty.The scheme shall be effective for 180 days. Stamp duty for transfer of immovable property will be increased at 3.5% from 1%. If partner brings immovable property in partnership firm as capital, stamp duty at the rate of 3.5% will be levied on that transfer. This changes will be for credibility of partnership firm. Change in Motor Vehicle Tax Rs. 800 per year on per 1000 kilometers or part thereof will be levied on goods carriage vehicles having gross vehicle weight exceeding 7500 kilometers. The rate of motor vehicle tax on designated omni bus and luxury or tourist designated omnibuses licensed to carry 6...

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