27 June 2009
Is The vat is laviable on Restaurant Business....? If Yes how...? N is there any type of Lumsum scheme available for this business...? Or else for where I can have All good knowledge of VAT for Restaurant Business Plz Guide about the same.........?
Yes VAT is applicable on Restaurant industry. yes lumpsum scheme is applicable when your turnover of the co, is less than the limit fixed by the VAT which vary according to state level (because VAT is a state act). If you really wanna have a sound 9ledge of VAT system you can read any book on VAT there are lots of books available on the market on this subject.
28 June 2009
Yes. VAT is leviable on restaurant business. There are two options: 1)Composition Scheme - VAT is leviable @ 5% on Food Sales. No Set-off allowable.
2)Normal VAT Scheme - VAT is leviable @ 12.50% and set-off is allowable on purchases.
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