I am having a ice cream (dealer from havmor) and fruit juices shop in Gujarat. At what rate VAT would be charged from the customer if i want to avail an input tax credit of tax paid to wholeseller?
neel123 (Individual) (44 Points)
09 February 2012I am having a ice cream (dealer from havmor) and fruit juices shop in Gujarat. At what rate VAT would be charged from the customer if i want to avail an input tax credit of tax paid to wholeseller?
Chitra Alagappan
(BCOM., CA Final)
(464 Points)
Replied 09 February 2012
You have to charge the Customer @ 5% VAT Rate
neel123
(Individual)
(44 Points)
Replied 09 February 2012
I THINK 5% IS THE RATE IF WE OPT FOR COMPOSITION SCHEME (I.E. LUMPSUM TAX RATE) FOR WHICH NO INPUT TAX CREDIT IS AVAILABLE.
IF IT IS NORMAL TAX RATE FOR WHICH INPUT TAX CREDIT IS AVAILABLE , THAN PLEASE TELL ME IN WHICH SCHEDULE IT IS MENTIONED, ALSO TELL ME IF NOTIFICATIONS OR CIRCULARS ARE ISSUED IN THIS RESPECT
THANK YOU,
CAclubindia
