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Tnvat rate

Ahamed Kabeer (Internal Auditor) (52 Points)

20 July 2016

Dear Sir, I have doubt in TNVAT. Food and drinks, what rate of tax i will pay for this ? As per Section 7 say tax will charge 2% is it right or wrong. Please give me correct advice

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Suiryaprakash (HR Asst.) (30 Points)
Replied 01 August 2016

Dear Sir,

As per section 7 of TN VAT: The rate of tax for star hotels is 14.5% ( INPUT VAT Credit) is eligble for this rate of tax. Other than star hotels are levied with @ 2%...(no input tax credit is allowed)

You can pay compound tax under section 8 if your turnover is less than 50 Lakhs per annum. (no input tax credit is allowed)

i have attached a clarification and advanced rulling filled by a restaurant in chennai you can get clarity on it.

Regards,

Suriyaprakash.S

9942628313

Attached File : 44461 20160801185047 42 290914.pdf downloaded: 142 times