08 July 2013
According to Sec4(9) of AP VAT ACT 2005, every VAT dealer other than those mentioned in clause (a) & (b) and whose annual total turnover is 1.5 crore and above shall pay tax at the rate of 14.5% of the taxable turnover of the sale or supply of goods being food or any other article for human consumption.
The main Question is i) if the dealer sells the goods which will come under 5% VAT rate, does he liable to pay tax @ 14.5% or 5%...?
ii)if he has to pay Tax @ 14.5%,can he take input on 5% VAT rated goods against the 14.5%...?
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