The Recent Notification in Amendment of Schedule B (Diamond) of MVAT regarding charges of VAT @ 1.1% instead of 1% w.e.f. from 01-04-2013. Is this applicable to Jewellery also. I am attaching the Amended letter
MJ Krishnamurthy
(ACCT(Retd))
(7197 Points)
Replied 06 April 2013
The change in rate is on items mentioned in entry no 3(Diamonds etc) only ,not entries 1 &2. therefore there is mno increase for jewellery of noble metals with or without precious ,semiprecious or cultured stones.......mjk.
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