What is the VAT Rate to be charged on sales done in a Hotels & Restaurant in Tamilnadu.? Input Tax Credit is available or not ?
2 Replies
RENGARAJ R.K
(ADVOCATE)
(7557 Points)
Replied 08 June 2012
Section 8 of the TNVAT Act deals with compounded rate of tax for hotels and restaurants inTamilnadu. According to this section the dealer may opt for compounded rate of tax as per the III Schedule of the TNVAT Act. 1) Where the total turnover exceeds 10 lacs but does not exceed 25 lacs - Tax Rs.12000 per annum 2) Total turnover exceeds 25 lacs nut does not exceed 30 lacs - Tax Rs.24000 per annum 3) Total turnover exceeds 30 lacs but does not exceed 40 lacs -Rs.36000/- per annum.... No ITC is eligible.
Hotels and restaurants can also opt to pay tax u/s7 of TNVAT Act.
rengaraj r.k
Sanjay Diwakar
(Audit Manager)
(237 Points)
Replied 19 December 2013
Dear Sir,
If the turnover exceeds fifty lakhs then....?????
wat is the VAT rate and which schedule is applicable....
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