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Vat Rate

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(Querist)
28 March 2010 After recent notification in vat rate has been increased to 5% (in Punjab), We are freewheel manufacturing using steel plate, during the process by product tikki is produce . My question whether vat should be charges at 4% (as it steel by product) or should be 5 % + surcharge as it is by product. reply with reason thereof.
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Amit Bajaj

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Amit Bajaj (Expert)
28 March 2010 wheels, tyres, axles and wheels sets made of Iron and steel are covered under declared goods under CST Act 1956 hence taxable @ 4% under PVAT Act.

Please elaborate more on the by product Tikki, what it is and what it is made of so that it can be known whether its a declared good or not
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