Nitin (-) (25 Points)
07 September 2012Dear Members,
Presently I'm working with a FMCG co. in bangaluru. I want to know few things about Entry Tax, as follows:-
1. Is it applicable on Plant and machinery??
2. If yes, then on which type?? (imported or indegenious)
3. Present preveiling tax rate on P & M??
Thanks in advance,
Waiting for reply.....
Dheerendra
(Finance Incharge)
(122 Points)
Replied 18 September 2012
If u r Puchasinf Goods From Interstate then u have to pay Entry Tax On Plant And Machinery is 2% on Machinery Value
RAJU
(LEARNER)
(1089 Points)
Replied 18 September 2012
Hi,
1. On Machinery, their parts & spares and not on plants.
2. Imported as well as domestic purchases. The concept is where the goods received from any other local area comprising municipalities/panchayat. Purchases from within the State are also liable if both the areas fall in different local areas.
3. Present rate of is 2% on machinery, parts & their spares.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
CAclubindia
