I WISH TO KNOW CAN ANY BODY EXPLAIN WHAT IS THE RATE OF VAT IN KARNATAKA FOR GOLD COIN OF 22 CT AND 24 CT. SOME DEALERS ARE CHARGING @ 2% WHILE OTHER ARE COLLECTING @ 1%.
1 Replies
ANIL SULEGAI PREMANATH
(ACCOUNTANT)
(247 Points)
Replied 26 August 2011
Actually speaking the VAT rates are 2 percent for gold and silver articles w. e. f. 01.04.2011. From the below links you can assure yourself that gold and silver articles are VATable @ 2%
https://www.deccanherald.com/content/140705/gold-jewellery-cost-more-certain.html
(refer para 4),
https://www.dnaindia.com/money/report_gold-jewellery-to-cost-more-certain-vat-rates-raised-in-karnataka_1512285
(refer para 7)
Thanks.!!!
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