Fabrication & Iron Works GVAT rates

This query is : Resolved

Murtaza I Bhagat (Querist)
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14 August 2009 Dear Sirs,

Pls tell me the rate of GVAT on Fabrication & Iron Works Factory
How much they can collect from TAX invoice ? is it 12.5% or 4% VAT.
and tell me also that does they can give retail invoice with VAT i.e Do they Collect VAT from Retails invoice ?
Pls reply me urgently

Thanks for reply in advance

Vishnu Saboo

Vishnu Saboo (Expert)
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15 August 2009 Since iron falls in entry no 43 of GVAT schedule, hence rate of tax is 4%, VAT cann't be collected on retail invoice.

Murtaza I Bhagat

Murtaza I Bhagat (Querist)
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15 August 2009 Thanks Arun

will you Pls give me the Guidence about what kind of records they have to maintain for GVAT after Registration under GVAT ?

and also they are paying 12.5% of VAT on Purchase of raw material, So will they can take credit of 12.5 % of VAT in VAT Calculation ?

Waiting for reply

Thanks once again

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Murtaza I Bhagat

Murtaza I Bhagat (Querist)
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