New vat provisions relating to timber
This query is : Resolved
19 April 2012
Recently as per the VAT Act of Madhya Pradesh, the timber has been shifted from the Schedule III to the Part III A of Schedule II.
Can anybody tell me about the new tax provisions applicable on timber now?
Also what are the rebates available to the timber merchants?
Provisions and rates for entry tax on sale of such timber to people from different states?
Can anybody tell me about the new tax provisions applicable on timber now?
Also what are the rebates available to the timber merchants?
Provisions and rates for entry tax on sale of such timber to people from different states?
20 April 2012
c) Increase in Rate of Vat :-
i) The rate of Vat on residuary Entry No II/IV/1 has been
increased, consequently All the goods liable @ 12.50% shall be
liable @ 13% wef 1.4.2010.
ii) The rate of Vat on Natural Gas including Compressed Natural
Gas II/III/6 and timber II/III/7
So the rate is now 13% instead of 12.50%
c) Increase in Rate of Vat :-
i) The rate of Vat on residuary Entry No II/IV/1 has been
increased, consequently All the goods liable @ 12.50% shall be
liable @ 13% wef 1.4.2010.
ii) The rate of Vat on Natural Gas including Compressed Natural
Gas II/III/6 and timber II/III/7
So the rate is now 13% instead of 12.50%
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