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Tnvat rate
Dear Sir,
I have doubt in TNVAT. Food and drinks, what rate of tax i will pay for this ? As per Section 7 say tax will charge 2% is it right or wrong. Please give me correct advice
Replies (1)
Dear Sir,
As per section 7 of TN VAT: The rate of tax for star hotels is 14.5% ( INPUT VAT Credit) is eligble for this rate of tax. Other than star hotels are levied with @ 2%...(no input tax credit is allowed)
You can pay compound tax under section 8 if your turnover is less than 50 Lakhs per annum. (no input tax credit is allowed)
i have attached a clarification and advanced rulling filled by a restaurant in chennai you can get clarity on it.
Regards,
Suriyaprakash.S
9942628313
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