28 March 2010
After recent notification in vat rate has been increased to 5% (in Punjab), We are freewheel manufacturing using steel plate, during the process by product tikki is produce . My question whether vat should be charges at 4% (as it steel by product) or should be 5 % + surcharge as it is by product. reply with reason thereof.
28 March 2010
wheels, tyres, axles and wheels sets made of Iron and steel are covered under declared goods under CST Act 1956 hence taxable @ 4% under PVAT Act.
Please elaborate more on the by product Tikki, what it is and what it is made of so that it can be known whether its a declared good or not
CAclubindia
