Can anybody let me know whether Karnataka vat is applicable for human albumin products it is a medicinal products related to Human blood and lasma contents.
Srinidhihatwar (student) (30 Points)
30 January 2009Can anybody let me know whether Karnataka vat is applicable for human albumin products it is a medicinal products related to Human blood and lasma contents.
SREELALITHA V
(Audit Assistant)
(98 Points)
Replied 03 February 2009
RAJU
(LEARNER)
(1089 Points)
Replied 04 February 2009
`Human Blood including all its components` are exempt from VAT vide entry no.29 of First Schedule to KVAT Act. Hence, human albumin will be exempt from VAT if they form an intergral part of human blood.
Strangely, the above would mean Animal blood is taxable!!!!!!
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)
CAclubindia
