Incidence of tax

Incidence of tax. -

1. (1) Subject to the provisions of this Act and rules made thereunder, every stockist who has in his possession on the appointed day any stock of luxury commodities or who acquires any stock of such commodities after the appointed day, shall be liable to pay tax under this Act on the value of such stock at such rate not exceeding twenty-five per cent. of the value of such stock as the State Government may, by notification in the Official Gazette, specify in this behalf: Provided that the State Government may notify different rates of tax for different luxury commodities.
2. (2) Nothing in sub-section
3. (1) shall apply to a stockist who is a registered dealer under the Gujarat Sales Tax Act, 1969 (Guj. 1 of 1970) and whose aggregate value of stock of luxury commodities held by him as on the appointed day or acquired by him during the course of a year does not exceed such amount as may be prescribed.
4. (3) Where a stockist is not a registered dealer under the Gujarat Sales Tax Act, 1969 (Guj. 1 of 1970), he shall be liable to pay tax under this Act only if the aggregate value of the luxury commodities held by him or acquired by him during the course of a year exceeds such amount as may be prescribed.