What is the VAT rate in Maharashtra?
RATE OF TAX: AS PER SCHEDULES
| Schedule ‘A’ – | Essential Commodities (Tax free) | Nil |
|---|---|---|
| Schedule ‘B’ – | Gold, Silver, Diamonds, Precious & semi precious Stones, Pearls etc. (1.1% during 1-4-13 to 31-3-14) | 1% |
| Schedule ‘C’ – | Declared Goods and other specified goods | 5% |
What is the current VAT rate 2020?
This cut in the VAT rate from the standard rate of 20% will have effect from 15 July 2020 to 31 March 2021. These changes are being brought in as an urgent response to the coronavirus (COVID-19) pandemic to support businesses severely affected by forced closures and social distancing measures.
Can Form 704 be revised?
Ans : No. There is no provision to revise Audit Report in Form 704 in MVAT ACT 2002.
What is the current VAT rate 2021?
The new VAT rate
| Date | VAT Rate | VAT Fraction |
|---|---|---|
| 15 July 2020 to 30 September 2021 | 5% | 1//21 |
| 1 October 2021 to 31 March 2022 | 12.5% | 1/9 |
| 1 April 2022 onwards | 20% | 1/6 |
Is the 13.5 VAT rate changing?
The VAT rate for the hospitality and tourism sector decreased from 13.5% to 9% from 1 November 2020 to 31 December 2021. It was announced in Budget 2022 that this would be extended to the end of August 2022.
What is the VAT rate 2021?
What are the VAT rates?
20%
VAT rates for goods and services
| % of VAT | What the rate applies to | |
|---|---|---|
| Standard rate | 20% | Most goods and services |
| Reduced rate | 5% | Some goods and services, eg children’s car seats and home energy |
| Zero rate | 0% | Zero-rated goods and services, eg most food and children’s clothes |
What are the rates under VAT?
VAT Rates in India
- Nil: Goods and services that fall under this category are exempt from VAT.
- 1%: VAT is charged at 1% for the items under this category.
- 4-5%: VAT is charged at 4% to 5% on certain items that are used on a daily basis.
- General: Items that fall under the general category attract VAT at 12% to 15.