Vat and cot
This query is : Resolved
04 September 2011
Dear Expert..
I have an internal pharmacy in my clinic, for which i have to obtain Commercial Tax registration in karnataka state..
My turn over will be around 10-12 lakhs per annul..I may obtain drugs from other states for sale in my pharmacy..
Should i register for VAT or COT.. which is beneficial, and what is the basic difference between the two.. can i make interstate purchase with COT..
Thank u
DrManjunath
I have an internal pharmacy in my clinic, for which i have to obtain Commercial Tax registration in karnataka state..
My turn over will be around 10-12 lakhs per annul..I may obtain drugs from other states for sale in my pharmacy..
Should i register for VAT or COT.. which is beneficial, and what is the basic difference between the two.. can i make interstate purchase with COT..
Thank u
DrManjunath
06 September 2011
Since you are the manufacturer you have to register under VAT, CST, Drugs, www.ctax.kar.nic.in/Basically there is no difference in VAT & COT
08 September 2011
Mr Manjunath,
Since you are making interstate purchases you are not eligible for registration under COT.Under COT,filing quarterly returns,no input tax credit,paying a flat rate of 4% on the total receipts,are the features.Under VAT filing monthly returns,paying out put@14%-input paid on purchases &I/S purchases allowed.
MJK
Since you are making interstate purchases you are not eligible for registration under COT.Under COT,filing quarterly returns,no input tax credit,paying a flat rate of 4% on the total receipts,are the features.Under VAT filing monthly returns,paying out put@14%-input paid on purchases &I/S purchases allowed.
MJK
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