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Vat rate

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(Querist)
02 January 2013 What VAT rate should be charged by a medical store???
Is there any composition scheme available for that???
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Prakash Kochar

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Prakash Kochar (Expert)
05 January 2013 Vat rate on medicine covered under entry 29/29A of sch. C is taxable @5%, and gooods not covered under any entry will be liable @12.5% under residual entry of Sch E.

For retail medicine dealers rate of composition is 6% vide Notification VAT-1507/CR-55/Taxation-1, dt. 27 Nov.2008, subject to other conditions.
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