what is the reason for low vat in JEWELLERY as it is a luxury good.pls help
Harshal Fifadra
(Chartered Accountant)
(1489 Points)
Replied 21 October 2012
Jewellery is a high value item ....
If high rate of VAT is applied on the jewellery then the total cost of buying the jewelley would increase .
This would lead to increase in the rate of inflation
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