Hello sir,
By 1 st April 2016 VAT rate has increased to 5.5% from 5%
During last year retailers had purchased goods with 5% VAT and today onwords has to sell it at 5.5%.
I think retailer is in loss because of this.
So what to do ?
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Increased vat rate from 5% to 5.5% beneficial or harmful
Replies (3)
Nothing for you can do
as retailer will be liable only on price increase
already paid he will get set off
The goods sold would be applicable at VAT rate of 5.5% and its no loss for the seller as he just collect's it from the buyer and pays it in the government treasury on behalf of buyer
There is no gain or loss to the dealers. The additional liability has to be borne by the consumers.
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