The rate of VAT under TNVAT has been changed.
4% VAT is now 5%
12.5% is now 14.5%
The relevant noficiation is attached herewith
2 Replies
senthil
(student)
(116 Points)
Replied 12 July 2011
Sir i need a clarification,
What is the Percentage of Old Stock upto 11/7/11, ?
What rate is applicable..12.5% or 14.5% ?
If 14.5%, it exceeds the MRP Price... What to do. please clarify me... your timely reply will help us lot
Regards,
P Senthil Kumar
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 13 July 2011
When rate of applicable taxes get change in transition, usually the principal manufacturer has options
1) to call back the stock with dealers and issue fresh stock on which new rate is applied
2) to revise the MRP by sending stickers to the dealer, after ascertaining the stock laid at dealers place.
in no case the goods would be sold at previous rate by regitered venodors,
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