Chapter V AMENDMENT IN THE RAJASTHAN VALUE ADDED TAX ACT, 2003

In section 3 of the Rajasthan Value Added Tax Act, 2003 (Act No. 4 of 2003), hereinafter in this Chapter referred to as the principal Act, for the existing sub-section (2), the following shall be substituted, namely:- "(2) Notwithstanding anything contained in sub-section (1) a dealer other than those specified in clause (a) of sub-section (1) or the dealer or class of dealers as may be notified by the State Government, who purchases goods from a registered dealer of the State and sells, such goods or goods manufactured from such goods within the State, may opt for payment of tax on his turnover, at the rate as may be notified under sub-section (3) of section 4, subject to the condition that annual turnover of such dealer does not exceed-

1. (i) rupees fifty lacs, in case of a dealer specified in clause (b) of subsection (1); and
2. (ii) rupees seventy five lacs, in case of other dealers."

In section 4 of the principal Act,-

1. (i) in sub-section (1), for the existing expression “and shall be levied on the taxable turnover of sale of goods specified in Schedule III to Schedule VI at the rate mentioned against each of such goods in the said Schedules”, the expression “and shall be levied on the taxable turnover of sale of goods specified in Schedule I at the rate mentioned against each of such goods in the said Schedule” shall be substituted.;
2. (ii) in sub-section (2), for the existing expression “in Schedule-III to Schedule VI of the Act”, the expression “in Schedule I of the Act” shall be substituted;
3. (iii) in sub-section (5), for the existing words “Schedules" and "Schedule”, the expression “Schedule I” shall be substituted.

In section 8 of the principal Act,-

1. (i) for the existing sub-section (1), the following shall be substituted, namely:- “(1) Notwithstanding anything contained in this Act, where the State Government is of the opinion that it is necessary or expedient in the public interest so to do, it may, by notification in the Official Gazette, exempt fully or partially, whether prospectively or retrospectively from tax the sale or purchase of any goods, without any condition or with such condition as may be specified in the notification.”;
2. (ii) The existing sub-section (2) shall be deleted.

For the existing Schedules I, II, III, IV, V and VI and entries thereto, if any, of the principal Act, the following Schedules and entries thereto shall be substituted, namely:-