in form lp-4 what to select in rate of tax in case of highseas purchase as no vat is levied on the same.
4 Replies
Subramanya
(Tax Consultant)
(523 Points)
Replied 02 February 2016
Dear CA Parul Saxena,
In case of LP 4 (High Sea Purchases), in Rate of Tax field, dealer has to update Applicable Rate of Tax as per Haryana VAT .
For example, If a deler purchases Computer Peripherals throught High Sea Purchases and which is exempted from VAT.
As Per Haryana VAT Schedule, the VAT rate for Computer Peripherals is let's assume 5% VAT + 5% Surcharge, User has to select 5% (Surchargeble) = 5.25% from the list of Rate of tax field.
With regards,
Subramanya
CA Parul Saxena
(CA)
(8487 Points)
Replied 02 February 2016
but highseas is exempt from tax then what to select in rate of tax? if it is to be 0% then which one as there are 2-3 options....
Subramanya
(Tax Consultant)
(523 Points)
Replied 02 February 2016
I agree that High sea Purchases are exempt from Tax. However, Department wants to know Applicable Rate of Tax for the Commodity in Haryana (Not for calculation purpose).
Same Applicable rate of tax option is provided in LP 5 (imports) also.
Deepak sharma
(Learner)
(1431 Points)
Replied 04 February 2016
Mr Subramanya is Correct,
Departments want to know Tax Rate applicable on Particular Commodity.
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