KARNATAKA VAT RATE 4 TO 5 -12 TO 13 IN BUDGET

In a move that will make a host of things costly, Karnataka  increased VAT and luxury tax to mop up Rs 1,829 crore in a surplus budget that doles out sops worth around Rs 3,000 crore to farmers.Eyeing the next month's civic polls in Bangalore, which is notorious for its infrastructure, the Rs 51.42-crore surplus budget also focuses a lot on the city's infrastructure development, including Rs 600 crore for a metro project.The budget, presented by chief minister Yeddyurappa increases value added tax on goods by 1 per cent to 13.5 per cent and from 4 to 5 per cent, while on tobacco products it goes up to 15 from 12.5 per cent

Notification of increase in vat rate will be published soon,Further as earlier informed in case of Delhi ,Punjab ,Haryana Vat rate increase that No state Govt can Increase rate on Declared Goods as Per section 14of the CST act 1956,So same in this case in Karnataka also ,Goods Covered under Declared Goods ,still taxed at 4% rate .List of declared Goods is available at this Link

Declared Goods as Per section 14 of CST act

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Saturday, March 6, 2010

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