Schedule B of MVAT Act
This query is : Resolved
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.
05 July 2023
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