There is confusion in AP regarding the VAT rate for Nails. While some manufacturers are invoicing @ 5% VAT, others are continuing with 14.50%. Could someone please clarify if there is an official notification in this regard under APVAT?
Regardless of the above query, presently for nails, the APVAT is 14.50% in the year 2012-13. It was 12.50% in the year 2010-11. Now if a CST customer has confirmed that he is not in a position to issue C Form and wants to pay the balance sales tax (CST @ 2% was charged in invoice), how do we communicate to him? 1. Charge him for 10.50% balance CST amount or 12.50%? 2. What is the document that needs to be sent to him for the balance tax receivable - an invoice or a debit note?
Would appreciate of someone in the CA Clud could clarify on these two issues.
Thanks,
Siva Sunder.
CAclubindia
