March 2012

Rule 37(5) read with Rule 15(6) of the Gujarat VAT Rules provide for provisional refund of upto 90% of the unadjusted `input tax credit’ (ITC) where the ITC (other than ITC on capital goods) admissible in the relevant period remains unadjusted against the output tax and if such unadjusted ITC

The Gujarat Finance Minister placed the Budget for 2012-13 before the State Assembly on 24-Feb-2012. The Budget proposals included the following changes in VAT Rates:   Particulars Existing rates(%) Incl. Add. Tax Proposed rates(%) Incl. Add. Tax Hinges-butt, tee, lock handle, furniture handle, furniture knob, drawer channel, furniture hinges, rivets,