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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