Gujarat Global News Network, Gandhinagar
The Gujarat government has proposed to increase rates of electricity duty for captive consumption and stamp duty. Presenting the tax proposals for the modified budget for the year 2019-20 State Finance Minister Nitin Patel said that this rise will fetch an additional Rs. 430 crore.
He said that rates of electricity duty for captive consumption by an industrial undertaking from conventional resources were last revised in 2013. The rate would be increased from present rate of 55 paisa per unit to 70 paisa per unit. The rate will be linked with wholesale price index and will be changed annually in accordance with it.
This increase will fetch an additional revenue of around Rs.270 crore annually and Rs.180 crore for the current financial year, he added.
The government has also proposed hike in rate of stamp duty charged on instruments on ad- valorem basis, including instruments of immovable property. The present rate of stamp duty of Rs.20 on the instruments relating to affidavit and Notarial act will be increased to Rs. 50. The rate has not been revised since 2000 and the government has to incur huge cost on its printing and other charges.
The present rate of stamp duty of Rs.100 on instruments relating to adoption deed, marriage registration and partnership has been proposed to increase to Rs.200. these rate are effective from 2006, Patel said.
The rate of stamp duty of Rs.100 on release of ancestral property in favour of legal heir is also proposed to increase to Rs. 200. There has been no change in the rates since 2013.
The rate of stamp duty of Rs.100 on all other instruments except above is proposed to be hiked to Rs.300. this tax proposal will increase the state revenue to around Rs.160 crore annually and Rs.107 crore during this year.
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