03 August 2012
Our one local supplier who engaged in supplying stationery & housekeeping materials he charge Vat @4% on bills or some bills they charge Vat @5% or sometime 12.5%
03 August 2012
Each State VAT Act has listed number of commodities in various Schedules for exempted goods, 1% 4or 5% and rest of the commodities are general goods applicable for 12.5% now it is 14 or 14.5% according to the state.
You can cross verify the rate of tax in the schedule and if the products are not listed in the 4or5% category it will be charged higher rate of tax.
Whenever a query is raised, if you tell us your State, it will be better for us to refer the relevant provisions/Acts.
CAclubindia
