Tnvat rate
Ahamed Kabeer (Internal Auditor) (52 Points)
20 July 2016Ahamed Kabeer (Internal Auditor) (52 Points)
20 July 2016
Suiryaprakash
(HR Asst.)
(30 Points)
Replied 01 August 2016
Dear Sir,
As per section 7 of TN VAT: The rate of tax for star hotels is 14.5% ( INPUT VAT Credit) is eligble for this rate of tax. Other than star hotels are levied with @ 2%...(no input tax credit is allowed)
You can pay compound tax under section 8 if your turnover is less than 50 Lakhs per annum. (no input tax credit is allowed)
i have attached a clarification and advanced rulling filled by a restaurant in chennai you can get clarity on it.
Regards,
Suriyaprakash.S
9942628313