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Vat rate on iron & steel (karnataka)

5995 views 1 replies

Rashid Imam

Officer (Indirect taxation)

296 Points Joined April 2012

Please tell me what is the current rate of VAT on Iron & Steel, Binding Wire (Schedule Goods), As per my knowledge the rate has been increased from 5% to 5.5%, but some of our steel supplier are saying the rate as been change for the other material Iron & Steel is still @ 5%.. Is is correct or not.. If yes pls refer me any notification if possible.

Replies (1)

Ram Avtar Singh

Nagari Sultanpur U.P.Delhi

15531 Points Joined March 2007

(section 14 of CST Act]

Some goods like cereals, coal and coke, cotton, crude oil, sugar, textiles, jute, iron and steel, tobacco products, oil seeds, pulses, LPG have been declared as goods of special importance. These are termed as ‘declared goods’.

State Government cannot levy sales tax on these goods exceeding 5%. If declared goods are sold inter-State, tax paid within the State is reimbursed to seller. Goods should be sold inter-state in same form.