Changes Karnataka VAT ACT wef 01.04.2010


Major Changes in Karnataka Value Added Tax Act, 2003 effective from April 1, 2010:
·         VAT exemption on paddy, rice, wheat, pulses and products of rice and wheat extended for one more year from 1.4.2010.
·         Tax on Masala Powder Mixtures, Macaroni, Sports Trophies, Shields and Medals, all kinds of scrap, Electric generators of less than 15 KVA, railway concrete sleepers, school bags costing up to Rs. 200, reduced from 12.5 per cent to 5 per cent.
·         The minimum annual turnover limit for registration increased from Rs. 2 lakhs to Rs. 5 lakhs.
·         The maximum annual turnover limit for opting for Composition Tax Payment Scheme increased from Rs.15 lakhs to Rs.25 lakhs.
·         Annual turnover limit for compulsory audit of accounts of dealers increased from Rs. 40 lakhs to Rs.60 lakhs.
·         Optional scheme for dealers in medicines to pay tax based on the MRP even on sale of other goods.
·         Advance Ruling Mechanism for dealers to seek clarifications and advance rulings to be introduced.
·         VAT rate 4 per cent increased to 5 per cent on all goods except declared goods.
·         VAT rate of 12.5 per cent increased to 13.5 percent.
·         VAT rate of 12.5 per cent on tobacco products increased to 15 per cent.
·         Levy of VAT on tobacco products on MRP basis. and
·         VAT at rate of 13 per cent on sale of motor car exceeding 5 Lakhs.
Major Changes in Luxury Tax:
  • Luxury tax on hotels with daily room rents from Rs. 1,000 to Rs.2000 increased from 6 per cent to 8 per cent.
  • Luxury tax on hotels with daily room rents exceeding Rs. 2,000 increased from 10 per cent to 12 per cent.
Major Changes in Entry Tax:
  • Provision for collection of Entry Tax on sugar at the point of sale by sugar factories.

Monday, March 8, 2010

3 comments:

  1. WHICH GOODS ARE CHARGED AT 4% VAT IN KARNATAKA VALUE ADD TAX

    ReplyDelete
  2. I want Srinivas reddy & CO. Class one contractor Bangalore tin no.

    ReplyDelete
  3. I want Srinivas reddy & CO. Class one contractor Bangalore tin no.

    ReplyDelete

 
KNOW YOUR TIN © 2012 | Designed by Wordpresstoblogger.info