what is vat,meaning,procedure,heads,rates,all form of
vat,when vat is filled,full information about vat?
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Answer Posted / motilal verma
vat stands for value added tax.sales tax is redefined &
renamed as a VAT. but central sales tax is remain same name
and applicable as CST. sales tax has two types.
1st- local sales tax that is also called vat.
2dd- central sales tax that is called cst.
filing of return is quaterly for vat & cst.
Rates of vat i.e. LST is 1%,4%,12.5%,20%
1% is used for selling gold silver diamonds ETC
4% is used for selling rice pulse medicine ETC
12.5% is used for cosmetic item ,packed tin food, pac &ked
water & luxurious item.
20% for liquor product.
filling process. -for purchasing
form Lp7 for 1%, 4% and 12.5% goods purchasing
for selling LS 9 for 1%,4%,12.5%,20%
Quaterly return form vat R1-its included all purchase during
three month mmention in Lp7 and ls9
yearly return vat R2 details regarding sale and purchase
throughout the year,
timing for filingfor 1st qtr-30july,2ndqtr-30oct and so on.
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