VAT rate of tax - list on which rate of 12.5% is applicable, Service Tax

[pramod verma]

on sales of which items we can charge 12.5% tax

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[Rama Krishana]

VAT at the rate of 12.5% is charged in residual items. In other words, the items which are not falling any schedule or the goods which are not subject to specific rate of rate are charged @12.5%. Taking an example from DVAT - Schedule 1 specified exempted items, Schedule 2 specifies 1% items, Schedule 3 specified 4% or 5% items. Schedule 4 specified 20% items. Therefore, the remaining items are chargeable to 12.5%.

[GHANANAND CHHIMWAL]

list on which rate of 12.5 percent is applicable