Hi guys
I am facing problem in understanding the Upvat notification 307. Upvat rate is changed by increase in 1% but by how much from 4 to 5 or 4.5 to 5.5 %. Pls reply soon
sachidanand (Executive- Finance & Acctts) (55 Points)
20 February 2010Hi guys
I am facing problem in understanding the Upvat notification 307. Upvat rate is changed by increase in 1% but by how much from 4 to 5 or 4.5 to 5.5 %. Pls reply soon
subramanya
(Professional)
(907 Points)
Replied 20 February 2010
| Originally posted by : sachidanand | ||
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Hi guys I am facing problem in understanding the Upvat notification 307. Upvat rate is changed by increase in 1% but by how much from 4 to 5 or 4.5 to 5.5 %. Pls reply soon |
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The VAT rate change referes to Additional tax, earlier Additional tax on 4% VAT was 0.5% and now it is changed to 1%.
Assume you have purchased Rs. 10,000 worth goods by paying Rs. 400 as Input vat and Rs. 50 (0.5%) as Additional tax. Now this additional tax has been increased to 1% (Rs.100).
If you have still doubt let me know..
Subramanya
ranvir
(accountant)
(28 Points)
Replied 20 February 2010
vikas jamwal
(Sr Executive Accounts )
(37 Points)
Replied 20 February 2010
its increase form 4% to 5%
Pleae sea the notice
CA. Shwetank Vats
(Chartered Accountant)
(653 Points)
Replied 20 February 2010
Where the rate of tax was @ 4.00% Plus additional tax @ 0.50% as on or before 18th February,2010
the additional tax will be @ 1.00%
so, New rate is 4% + 1% additional tax i.e. 5% instead of 4.5% of Schedule-II items
Govind Sharan FCA
(Consultant)
(48 Points)
Replied 22 February 2010
It will be 4% plus 1%, not 4.5plus 1%.
govind
TimTaxMan
(CPA)
(26 Points)
Replied 23 February 2010
Hello, I am new to Indian taxes. I am understanding the state VAT fairly well. however it is the CST that I am struggling with. I can follow that Notification 307 has increased the Uttar Pradesh Additional VAT Tax from .5% to 1% on Schedule II items that are subject to the regular VAT of 4%.
How does this affect interstate sales for CST? When selling interstate to unregistered dealers is the CST basically the same rates as the VAT? In other words, is the CST also 4% plus 1%?
Thanks in advance for any input!
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