It may be possible that one party charge two tpye(4% and 12.5%) of VAT at a same bill...
if charge that what are circumstances or product??
Lalit Nyati (Student) (487 Points)
03 January 2013It may be possible that one party charge two tpye(4% and 12.5%) of VAT at a same bill...
if charge that what are circumstances or product??
CA Gaurav Ajit Potdar
(Chartered Accountant)
(846 Points)
Replied 03 January 2013
Yes a party can charge 2 types of VAT on the same bill. Eg. if u purchase product A & B which are chargeble to 12.5% & 4% vat then seller will give you one invoice containing 2 products in the following manner.
Product A XX
Product B XX
VAT on Product A @ 12.5% XX
VAT on Product B @ 4% XX
Total XX
Lalit Nyati
(Student)
(487 Points)
Replied 03 January 2013
but there is only one product i.e. 10 hp motor...
Can charge on uses basis? twice uses of one product and bifercation of amount available there.
CA Gaurav Ajit Potdar
(Chartered Accountant)
(846 Points)
Replied 03 January 2013
No it will not be on use basis, for rates you have to check the rates specified by the government for your state.
Sonu Kumar
(Account Manager)
(665 Points)
Replied 04 January 2013
on the Same Product 2 Rates are Not Applicable....
Roshan Thomas
(C.E.O )
(356 Points)
Replied 06 January 2013
agree ..... please refer to VAT Schedule for rate applicable on your goods. Two rate is not possible on same goods
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