Ahamed 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
Excel Mastery Program
CAclubindia
