Schedule B of MVAT Act
This query is : Resolved
nikhil bapat
(Querist)
01 March 2011
Hi friends
As per Sr No 2 of Sch B of MVAT Act 2002, specifying list of goods for which rate of tax is 1%, rate of tax on silver is 1%.
Now, i want ur opinion on whether any article made of silver, say a statue, will be taxed @ 1%?
Similarly, if a trophy (for awarding as a prize) is made of silver, then will the sale of trophy be taxed @ 1%?
Pls reply
As per Sr No 2 of Sch B of MVAT Act 2002, specifying list of goods for which rate of tax is 1%, rate of tax on silver is 1%.
Now, i want ur opinion on whether any article made of silver, say a statue, will be taxed @ 1%?
Similarly, if a trophy (for awarding as a prize) is made of silver, then will the sale of trophy be taxed @ 1%?
Pls reply
01 March 2011
yES iN MY OPNION THE STATUE MADE OF SILVER SHALL BE TAXED AT 1% B-2.
If the business is of manufacturing trophies then the same rate will be applied.
If the business is of manufacturing trophies then the same rate will be applied.
Dhirajlal Rambhia
(Expert)
05 July 2023
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