(Act
No. 3 of 2021) [March
25, 2021] (Received
the assent of the Governor on the 25th day of March, 2021) No. F. 2(15) Vidhi/2/2021.- In pursuance of
clause (3) of Article 348 of the Constitution of India, the Governor is pleased
to authorise the publication in the Rajasthan Gazette of the following
translation in the English language of Rajasthan Vitt Adhiniyam, 2021 (2021 Ka
Adhiniyam Sankhyank 3):- An Act further to amend the Rajasthan Stamp
Act, 1998, the Rajasthan Fiscal Responsibility and Budget Management Act, 2005,
the Rajasthan Motor Vehicle Taxation Act, 1951, the Rajasthan Contingency Fund
Act, 1956 and the Rajasthan Value Added Tax Act, 2003, in order to give effect
to the financial proposals of the State Government for the financial year
2021-22. Be it enacted by the Rajasthan State
Legislature in the Seventy-second Year of the Republic of India, as follows:- CHAPTER I PRELIMINARY This Act may be called the Rajasthan Finance
Act, 2021. 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 clauses
3, 5, 6,7, 8, 9 and 10 of this Bill shall have immediate effect under the said
Act. ? CHAPTER II AMENDMENT
IN THE RAJASTHAN STAMP ACT, 1998 In section 2 of the Rajasthan Stamp Act, 1998
(Act No. 14 of 1999), hereinafter in this Chapter referred to as the principal
Act,- (i)
in
clause (ia), for the existing punctuation mark ?.? appearing at the end, the
punctuation mark ?;? shall be substituted and clause (ia), so amended, shall be
renumbered as clause (i-b); and before the existing clause (i-b), so
renumbered, the following clause shall be inserted, namely:- ?(i-a) ?ancestral property? means the
property inherited from one's mother or father or from their predecessors and
includes the property of a coparcenary or an Undivided Hindu Family;?; and (ii)
for
the existing clause (x-a), the following clause shall be substituted, namely:- ?(x-a) ?concession agreement? means an
agreement between the Central or State Government, local authority, statutory
body or any other instrumentality of said Governments on one hand and a private
entity on the other hand for providing public goods or services wherein such
Government, authority, body or instrumentality grants certain specified right
by way of licence to the private entity for a specified period to enable it to
implement the project of such public goods or services;?. After the existing section 64 and before the
existing CHAPTER VI of the principal Act, the following section shall be
inserted, namely:- ?64-A. Refund of
amount deposited as stamp duty and/or surcharge but not required to be used as
such.- When any person has deposited any amount through e-GRAS to be used as
stamp duty and/or surcharge in respect of any instrument intended to be
executed by or in favour of him and thereafter either the intended instrument
is not executed or the amount cannot be used for that instrument for any reason
whatsoever or otherwise becomes refundable under section 58, the Collector
shall refund such amount, deducting therefrom ten paise for each rupee or fraction
of a rupee, upon an application filed within six months from the date on which
such amount is deposited or, as the case may be, becomes refundable and proving
to the satisfaction of the Collector- (a)
that
the intended instrument has not been executed; or (b)
that
the amount cannot be used as stamp duty and/or surcharge for that instrument
for the reason or reasons specified in the application or has become refundable
under section 58; and (c)
that
the application for refund has been filed within six months from the date of
deposit of the amount or as the case may be, from the date on which the amount
becomes refundable.?. In the Schedule to the principal Act,- ? (i)
in
clause (c) of Article 5, in proviso, appearing under Column No. 2, for the
existing expression "three years", the expression "five
years" shall be substituted; (ii)
in
Article 35-B, for the existing clause (2), the following shall be substituted,
namely:- ?(2) 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.?; and (iii)
in
Article 48, for the existing clause (a), the following shall be substituted,
namely:- ? ?(a) in case of ancestral
property 1.5 percent of the amount equal to the market value of the share,
interest, part or claim renounced.?. CHAPTER III AMENDMENT
IN THE RAJASTHAN FISCAL RESPONSIBILITY AND BUDGET MANAGEMENT ACT, 2005 In section 6 of the Rajasthan Fiscal
Responsibility and Budget Management Act, 2005 (Act No. 7 of 2005),- (i)
for
the existing clause (c), the following shall be substituted, namely: - ?(c) restrict its
total outstanding debt up to 38.2 per cent of Gross State Domestic Product
within a period of six years, beginning from the 1st day of April 2020, and
ending on the 31st day of March 2026 and thereafter maintain the said ratio or
reduce it;?; and (ii)
in
clause (d) of the first proviso, for the existing punctuation mark ?:?
appearing at the end, the expression ?; or? shall be substituted and after the
said clause (d), so amended, the following shall be added, namely:- ?(e) due to
additional borrowing limit allowed by the Central Government on account of
Covid-19 pandemic:?. CHAPTER IV AMENDMENT
IN THE RAJASTHAN MOTOR VEHICLES TAXATION ACT, 1951 For the existing first proviso to sub-section
(2) of section 4 of the Rajasthan Motor Vehicle Taxation Act, 1951 (Act No. 11
of 1951), the following shall be substituted, namely:- "Provided that,- (i)
the
period of such surrender or non-use shall not be less than seven days for stage
carriages and less than thirty days for other than stage carriages; and (ii)
the
period of such surrender shall not be more than ninety days for all categories
of vehicles except in the case of theft of the vehicle:". CHAPTER V AMENDMENT
IN THE RAJASTHAN CONTINGENCY FUND ACT, 1956 In sub-section (1) of section 3 of the
Rajasthan Contingency Fund Act, 1956 (Act No. 40 of 1956), for the existing
expression "five hundred crores of rupees", the expression "one
thousand crores of rupees" shall be substituted. CHAPTER VI AMENDMENT
IN THE RAJASTHAN VALUE ADDED TAX ACT, 2003 In section 33 of the Rajasthan Value Added
Tax Act, 2003 (Act No. 4 of 2003), hereinafter in this Chapter referred to as
the principal Act, after the existing sub-section (4) and before the existing
sub- section (5), the following new sub-section shall be inserted, namely:- "(4A)
Notwithstanding anything contained in this section, the rectification
application pertaining to any period up to 30th June, 2017 may be filed by 30th
June, 2021 and such applications shall be disposed of up to 30th September,
2021 or within six months from the date of filing thereof, whichever is
later.". In section 34 of the principal Act, after the
existing sub-section (3), the following new sub-section shall be added,
namely:- "(3A)
Notwithstanding anything contained in this section, the application under this
section pertaining to any period up to 30th June, 2017 may be submitted manually,
directly to the concerned assessing authority up to 30th September, 2021 and
the assessing authority shall proceed to make a fresh assessment within ninety
days of the receipt of such application.".RAJASTHAN
FINANCE ACT, 2021