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MVAT Amendment in VAT Rate on Precious Stone (Diamond) Wef 01.04.2013

FINANCE DEPARTMENT

Mantralaya, Madam Cama Marg, Hutatma Rajguru Chowk, Mumbai 400 032, dated the 4th April 2013.

NOTIFICATION

MAHARASHTRA VALUE ADDED TAXACT, 2002.

No. VAT. 1513/CR 46(7)/Taxation-1.”Inexercise of the powers conferred by sub-section (1) of section 9 of theMaharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government ofMaharashtra hereby amends,SCHEDULE ˜B™ appended to the said Act, as follows, namely:

In the Maharashtra Value Added Tax Act, 2002, in SCHEDULE `B™,‘

(1)   in the heading for the figure and sign 1% the figures, word and signs 1% or 1.1% shall be substituted;

(2)   for entry 3, the following entries shall be substituted, namely :‘

3. Precious stones, semi-precious stones and pearls whether real or   cultured but excluding those to which entry 3A of this SCHEDULE applies, when sold on or after the 1st April 2013. 1%;
3A. Diamonds,
(a)            when sold during the period starting on or after the 1st April 2013 and ending on the 31st March 2014; 1.1%
(b) when sold on or after the 1st April 2014. 1.10%.

By order and in the name of the Governor of Maharashtra,

O.C.BHANGDIYA,
Deputy Secretary to Government.

Tags: 1st April 2013GemstoneList of Governors of MaharashtraMaharashtraMantralayaMumbaiShivaram RajguruValue Added Tax

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