17 April 2010
VAT @ 1% (also classified as 'other rate of tax') items like Bullion, articles of Jewelery, precious stones etc.
TAXABLE @ 4% basic necessity items such as drugs & medicines, agricultural and industrial inputs,capital goods.
TAXABLE @ 12.5% (also classified as standard rate of Tax - RNR i.e. Revenue Neutral Rate), all remaining items that do not fall under the preceding classification or attract special rates, i.e.liquors, petrol, diesel, Aviation spirit/turbine fuel.
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