Studyhatch Forum -VAT & CST

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Who is liable to pay VAT and what are the rates applicable under VAT?

a. i) Every dealer, trader or business that deals with (purchases and sells) goods within the state; ii) All businesses with an annual turnover exceeding or equal to Rs. 10 lakh; iii) All businesses selling goods or conducting trade with other states; iv) All businesses registered outside the state b. i) 1% such as bullion, noble metals, precious stones, worn-out jewelry, etc. ii) 5% for acids and chemicals of all kinds, agricultural implements, bamboo etc. iii) 14.5% for all goods other than those that are exempted in 4th Schedule and those specified in 2nd Schedule and Part A and Part B of the 1st Schedule.

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