i have a small IT company dealing in software services.what would be the VAT on it?
akhi kashyap (ceo) (48 Points)
17 February 2010i have a small IT company dealing in software services.what would be the VAT on it?
Pratik Shah
(Assistant Manager Business Process Specialist Accounting Technician B.Com (Specialization in Accounts & Finance) & Technology Savey)
(151 Points)
Replied 17 February 2010
U need to clarify it is giving service or selling any product, if providing service than Service tax will be applicable or both may be applicable if purchasing product and selling them and also providing AMC.
Rates of value added tax
There are two main rates of VAT; 4% and 12.5%. The goods are
grouped into five schedules as under:
| Schedule | Rate of tax |
Illustrative items |
| A |
0% |
Vegetables, milk, eggs, bread |
| B | 1 % | Precious metals and precious stones and their jewellery |
| C |
4% |
Raw materials, notified industrial inputs, notified information technology products and a few essential items |
| D | 20 % and above |
Liquor, petrol, diesel etc |
| E | 12.5 % | Other than items specified in schedules A, B, C & D |
I think this chart will clarify ur Query
Do not forget to Thank me........
akhi kashyap
(ceo)
(48 Points)
Replied 18 February 2010
thank you so much for the info pratik.
can u please tell me where i can get info about online trading?
i am new to this field.
Reliance' supertrade is supposed to make trading fast . has anyone tried it .. can anyone tell me how to go about being part of it.. ?
CAclubindia
