Vat?

This query is : Resolved

Report Abuse Follow Query Ask a Query

Guest

Guest (Querist)

06 July 2012 what is difference between zero vat rate & exempt vat rate?

CA Hardik Bunha

CA Hardik Bunha (Expert)
Follow

06 July 2012 both rate is prescribed in different schedules.

zero vat rate means vat is applicable but not collect.

Exempt rate means vat is not applicable at whole. but still trader has to register himself.

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
Follow

06 July 2012 Mr Sanjay Gohil,
In fact, both mean the same thing i.e. exemption from tax. Registration is not required if you are dealing only in exempted goods.While selling such goods you should issue a bill of sale and not a tax invoice.....MJK

Upgrade to CAclubindia Pro. Subscribe Now!