Vat @ 1.10%
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 April 2013
MVAT – Amendment in VAT Rate on Precious Stone (Diamond) Wef 01.04.2013
Can anybody elaborate the above. I want to know whether it is applicable on Jewellery where part of it is made of diamonds and part of it in Jewellery. Also I want to know whether it is Applicable only and only to "DIAMONDS" Pls. Explain. Thanks
Can anybody elaborate the above. I want to know whether it is applicable on Jewellery where part of it is made of diamonds and part of it in Jewellery. Also I want to know whether it is Applicable only and only to "DIAMONDS" Pls. Explain. Thanks
MJ Krishnamurthy
(Expert)
09 April 2013
As per the notification only for the items mentioned in Sl no 3 of the schedule there is an increase in tax rate from 1% to 1.1%. For the jewellery whether of only gold or with precious stones there is no increase in rates....mjk
29 May 2013
Yes I agree with the expert
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