VAT Rates In karnataka
Friends There are so many Tax rates for Goods sold in Karnatka like 1%, 5.5% or 14.5% etc.
For me it is always confusing that wich good shall be sold at what RATE.
some products i cannot make out the Rate like: Watch, Lipstick, Pen Stand, Gift articles of different types etc.
Can anyone provide the Rate of Taxes with correct product name?
Even i was having this Question and I found the Answer for it.
VAT RATES in Karnataka are 1%, 5.5%, 14.5% and 20%.
List of Products i can't share but a link and explaination is as under:
|THE KARNATAKA VALUE ADDED TAX ACT, 2003 - SCHEDULE|
|Schedule I||Goods exempted from tax under Section 5|
|Schedule II||Goods taxable at 1%|
|Schedule III||Goods taxable at 5.5%|
|Schedule IV||Goods taxable at 20%|
|Schedule V||Input tax restricted goods|
|Schedule VI||Goods taxable on works contract as per rate specified therein each entries as per Sec 4 (1)( c)|
|General Category||Goods not taxable in any other schedule, taxable at 14.5%|
List of Products Schedule wise as mentioned above click on link