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


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



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,

Deputy Secretary to Government.

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