Vat @ 1.10%

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2013 MVAT – Amendment in VAT Rate on Precious Stone (Diamond) Wef 01.04.2013

Can anybody elaborate the above. I want to know whether it is applicable on Jewellery where part of it is made of diamonds and part of it in Jewellery. Also I want to know whether it is Applicable only and only to "DIAMONDS" Pls. Explain. Thanks

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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09 April 2013 As per the notification only for the items mentioned in Sl no 3 of the schedule there is an increase in tax rate from 1% to 1.1%. For the jewellery whether of only gold or with precious stones there is no increase in rates....mjk