1. Budget 2014
GUJARAT STATE BUDGET 2014

2. Value Added Tax

3. Particulars ` in Crores
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
11/23/2018

4. Terms Previous Provision Revised Provision
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.
11/23/2018

5. 1% Value of goods sold in the course of inter state sales
Total value of Purchases eligible for input tax credit & used for manufacture / sale of goods 1%
Total Value of taxable goods sold
Details
Previous
Revised
Total Sales ` 50,00,000
Inter State Sales ` 20,00,000
Local Purchase ` 10,00,000
Reversal rate 2% 1%
Reversal of Credit
` 8000
` 4000

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)
Passenger tax on sale of tickets for State Transport
17.5%
7.5%
11/23/2018

7. 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.