Karntaka vat-cot 120

Save Share

This query is : Open

ACS Gaurav Jain (Querist)

16 September 2013 in Karnataka vat a restourent can opt for composition scheme. there is section 5(1) where 52 item exempt from tax. purchase and sell both. no where written that vat dealer have to pay tax on these item if dealer opt for compostion scheme. and 52 item exempt for both compostion dealer and regular dealer.

this right ?

reply soon

MJ Krishnamurthy

MJ Krishnamurthy (Expert)

16 September 2013 What you sell in restaurant is food and drinks.These are not included in the Fifth schedule(sec 5(1)),and therefore chargeable with tax. But, under the Act u/s 15(1)(c) and a corresponding notification 4% COT is payable as an alternative option.....mjk

ACS Gaurav Jain

ACS Gaurav Jain (Expert)

16 September 2013 We have to pay tax on vegetable also. Wr purchse from urd

ACS Gaurav Jain

ACS Gaurav Jain (Expert)

16 September 2013 We are paying 4 % tax. On sales. We also have to pay 4 % tax on purchase of rice vegitable ? Thease are urd taxable at 0 %.

ACS Gaurav Jain

ACS Gaurav Jain (Expert)

16 September 2013 We are paying 4 % tax. On sales. We also have to pay 4 % tax on purchase of rice vegitable ? Thease are urd taxable at 0 %.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now