this is sumeet sir/madam i have one doubt regarding Calculation of VAT (Karnataka) for Pharma(medical shops)its not mentioned in any Schedule plz clarify this doubt.
for pharma(medical shops) any special rates is their or same calculation as we do for Normal industries plz clarify sir/madam.
25 December 2012
Medicines are covered under the 3rd schedule of the Karnataka VAT act, 2003. Section 3 specifically governs the tax to be paid on medicines on MRP based scheme. However if the manufacture is opted for normal scheme of charging tax, you may continue to discharge tax in similar way. While if manufacture had charged tax on MRP, you would also require to charge VAT in similar way. Should you deal in medicine where both the above cases apply, you shall maintain clear accounts to distinguish MRP and NON MRP goods.
CAclubindia
