Rajasthan Budget 2012-2013

Deemed assessment scheme extended. FY 20111-12. Last date 30/2013

Late fee- monthly tax reduced to 25,000/- from 50,000/-. No turnover Rs. 50/- PD maximum 1000/-

VAT-15 now online.  Date of submission extended till 30/6/2013

E filing late return. Acknowledgement can be given in 15 days.

E-GRAS applicable from 1/5/2013. Facilitate early refund. Unregistered dealer can also pay tax using the facility.

Now online Tax Clearance certificate.

Obtain all CST declaration forms online.

Composition S. 3(2) limit 60 lacs to > 75 lacs

File declaration forms with 10A/Audit Report as the case may be.

Assessment completed till 30/09/2012-File declaration forms till 30/06/2013

Rates Change

Handi craft- Kadam & Chandan wood now taxable @ 5% (14%)

WCT Composition rates- repair @ 1% instead of 3%

SS Wire & SS Road now 5% ( 14%). Not treated declared goods earlier.

Zeera, Sonf, Haldi, Dry Mirch, Dhania, Methi, Ajwaian, Asalia -now tax free

Salient features

Population India 121.02 Crore. Rajasthan 6.86 Crore. 5.67%

Total Land Area India 32,87,240 Km. Rajasthan 342,239 Km. 10.44%

Tax revenue    34,053 Crore (35%)-Growth 12.75%

Loans   17,488 Crore

Interest Payment   9,241 Crore

Total Receipts   95,208 Crore

Fiscal deficit   13,019 Crore

Fiscal deficit   2.48 % of the GSDP

Per person Interest payment Rs. 1350/-

Per person Loan by 31/3/2014  Rs. 29150/-