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Clarification - "Zero rated Sales", VAT + CST |
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Clarification - "Zero rated Sales" |
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As per newly insterted Section 5A (W.E.F.1.4.2008)of Gujarat Value Added Tax Act, 2003, sale to Developer or Co-developer of SEZ shall be considered as "Zero rated Sales" As i understood, from 1.4.2008 and onwards Developers/Co-developers can procure the material for their authorised operation without payment of GVAT. Confirm the view. Posts / Replies Showing Replies 1 to 2 of 2 Records Page: 1
You need to contact local consultant.
As rightly pointed out by you, from 1.4.08, sale to developer/co-developer of SEZ is zero rated. i.e. dealers selling goods to developer/co-developer need not charge VAT for their sale, but they can avail input tax credit in respect of goods/inputs involved in manufacture of goods sold. However there are certain restrictions with regard to nature of asset (for eg vehicle not eligible) and nature of dealers eligible (composition dealer not liable) for effecting the zero rate sale.
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