The Rajasthan Finance Act, 2022

Act No. 4 of 2022

30th March 2022

An Act further to amend the Rajasthan Stamp Act, 1998, the Rajasthan Goods and Services Tax Act, 2017, the Rajasthan Value Added Tax Act, 2003 and the Rajasthan Motor Vehicles Taxation Act, 1951, in order to give effect to the financial proposals of the State Government for financial year 2022-23 and to make certain other provisions.

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S.Chapter I PRELIMINARY

S.1 Short title

This Act may be called the Rajasthan Finance Act, 2022.

S.2 Declaration under section 3, Rajasthan Act No. 23 of 1958

In pursuance of section 3 of the Rajasthan Provisional Collection of Taxes Act, 1958 (Act No. 23 of 1958) it is hereby declared that it is expedient in the public interest that provisions of sections 4, 5, 6, 7 and 8 of this Act shall have immediate effect under the said Act.

S.Chapter II AMENDMENT IN THE RAJASTHAN STAMP ACT, 1998

S.3 Amendment of section 65, Rajasthan Act No. 14 of 1999

In sub-section (1) of section 65 of the Rajasthan Stamp Act, 1998 (Act No. 14 of 1999), hereinafter in this Chapter referred to as the principal Act,-

(i) in the existing second proviso, for the existing expression "Provided further that", the expression "Provided also that" shall be substituted; and
(ii) before the second proviso so amended, the following new proviso shall be inserted, namely:-

"Provided further that the Chief Controlling Revenue Authority may admit revision after the expiry of the period of limitation provided in this section, if it is satisfied that there was sufficient cause for not filing the revision within the limitation:".

S.4 Amendment of the Schedule, Rajasthan Act No. 14 of 1999

In the Schedule of the principal Act,-

(i) in Article 17, the existing expression "or market value of the property, whichever is higher" appearing under Column No. 2, shall be deleted; and
(ii) for the existing Article 35-B, the following shall be substituted, namely:-

"35-B. Limited Liability Partnership (LLP)-

(1) Instrument of conversion of a firm, a private limited company or an unlisted public limited company into limited liability partnership or vice-versa,-
- (a) Where on conversion immovable property vests in the resultant entity; - Two percent on the market value of immovable property.
- (b) in any other case. - Five thousand rupees.
(2) Reconstruction or amalgamation of limited liability partnership. - Four percent on the consideration or market value of the immovable property of the transferor limited liability partnership located within the State of Rajasthan, whichever is hi

S.Chapter III AMENDMENT IN THE RAJASTHAN GOODS AND SERVICES TAX ACT, 2017

S.5 Amendment of section 174, Rajasthan Act No. 9 of 2017

After the existing sub section (2A) and before the existing sub-section (3) of section 174 of the Rajasthan Goods and Services Tax Act, 2017 (Act No. 9 of 2017), the following new sub-section shall be inserted, namely:-

"(2B) Notwithstanding anything contained in the Acts repealed under sub section (1),-

(i) any rectification of mistake pertaining to any period upto 30th June, 2017 may be initiated under the repealed Acts, suo moto by assessing authority or on application by the dealer. In case of application by dealer, it shall be disposed of within ninety days from the date of filing and where such application is not disposed of within the said period, the same shall be deemed to have been accepted;
(ii) an ex-parte assessment or best judgment assessment pertaining to any period upto 30th June, 2017 passed under any section of the repealed Acts may be re-opened suo moto by assessing authority or on application by the dealer submitted manually, directl

S.Chapter IV AMENDMENT IN THE RAJASTHAN VALUE ADDED TAX ACT, 2003

S.6 Amendment of section 52, Rajasthan Act No. 4 of 2003

For the existing clauses (a) to (e) in section 52 of the Rajasthan Value Added Tax Act, 2003 (Act No. 4 of 2003), the following shall be substituted, namely:-

(a) by the Assistant Commercial Taxes Officer, if it does not exceed rupees one lac;
(b) by the Assistant Commissioner or the Commercial Taxes Officer, as the case may be, if it does not exceed rupees five lac;
(c) by the Deputy Commissioner (Administration), if it exceeds rupees five lac but does not exceed rupees twenty five lac;
(d) by the Commissioner, if it exceeds rupees twenty five lac but does not exceed rupees five crore; and
(e) by the State Government, if it exceeds rupees five crore.".

S.Chapter V VALIDATION OF ORDERS MADE UNDER THE RAJASTHAN VALUE ADDED TAX ACT, 2003

S.7 Validation of certain orders

Any order made under sub-section (4A) inserted in section 33 and sub-section (3A) added in section 34 of the Rajasthan Value Added Tax Act, 2003 (Act No. 4 of 2003) by sections 9 and 10 of the Rajasthan Finance Act, 2021 (Act No. 3 of 2021) respectively, in respect of goods subsumed under the Rajasthan Goods and Services Tax Act, 2017 (Act No. 9 of 2017) shall be valid.

S.Chapter VI AMENDMENT IN THE RAJASTHAN MOTOR VEHICLES TAXATION ACT, 1951

S.8 Amendment of section 4, Rajasthan Act No. 11 of 1951

In clause (ii) of first proviso to sub-section (2) of section 4 of the Rajasthan Motor Vehicles Taxation Act, 1951 (Act No. 11 of 1951), for the existing expression “ninety days”, the expression “one hundred eighty days in a calendar year” shall be substituted.