Mention the broad rates under the existing VAT regime.
CS Professional · Advanced Tax Laws and Practice · PYQS · June 2015
Mention the broad rates under the existing VAT regime.
Answer & Explanation:
VAT regime has following broad rates- Exempted for unprocessed agricultural goods, and goods of social importance; 1% for precious and semiprecious metals and stones; 4% for inputs used for manufacturing and on declared goods, capital goods and other essential items; 20% for demerit/luxury goods; and the rest of the commodities will be taxed at a Revenue Neutral Rate of 12.5%.
Topics: VAT
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