Vat on tyre retreading business
This query is : Resolved
27 April 2012
Hi All !
I wanted to know what percent of VAT Tax is applicable on Tyre retreading business? And what exemptions are allowed to the taxable value i.e. VAT will be charged on what percentage of value/turnover? I heard somewhere that 40% of exemption is allowed, but i am not clear that, is it taxable on 40% or 40% is exempted on total turnover?
Please Help me out and thanx in advance
Waiting for expert's comments/replpy
I wanted to know what percent of VAT Tax is applicable on Tyre retreading business? And what exemptions are allowed to the taxable value i.e. VAT will be charged on what percentage of value/turnover? I heard somewhere that 40% of exemption is allowed, but i am not clear that, is it taxable on 40% or 40% is exempted on total turnover?
Please Help me out and thanx in advance
Waiting for expert's comments/replpy
CA CS Pawan Jajoo
(Expert)
28 April 2012
From your total gross receipt from tyre retrading adhoc 40 % Deduction is available and on balance 60% , you will have to pay VAT.
Message likes :
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30 April 2012
At What rate VAT will be applicable on tyre retreading business. (for example total gross turnover = 100, then after deducting 40% = 60, then tax on 60% @ 5% or 12.50%?)
And
While taking set off on purchases i have both 5% & 12.50% purchases, then will i have to take VAT as per purchase ratio of 5% & 12.50% or it will flat at the rate applicable?
And
While taking set off on purchases i have both 5% & 12.50% purchases, then will i have to take VAT as per purchase ratio of 5% & 12.50% or it will flat at the rate applicable?
02 August 2025
https://docs.google.com/document/d/1kxC-qO-n7OEm9oNBw39NFsg1y439jXGtfjg_hlMcKhs/edit?usp=sharing
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