Rate of vat (karnataka)

750 views 2 replies

Dear Member,

From 1st of August' 2012 Vat rate is hike from 5% and 14% to 5.5% & 14.5% respectively.

My Query is that since we are a work contractor we raise our tax invoice on monthly workdone basis, today we are going to raise the tax invoice for workdone during month of July' 12. So which rate of tax will be applicable it will be 5% & 14 % which was upto July 31st or It will be 5.5% & 14.5% as the current rate which are applicable from 1st of August.

 

Please give your suggestion.

Replies (2)
HI Tax liability arises in the month in which transfer of property in goods happens. If it is in the month of July, charge VAT at old rates and declare the turnover in the month of July. If the transfer of property occurs in August, new rates will have to be applied.

Dear Sir

 

Please tell me about iron & steel Works vat rate 2016-17


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