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

[pramod verma]

on sales of which items we can charge 12.5% tax

[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

AI Summary

Residual VAT rate applies to goods not listed in specific schedules, making them subject to default taxation. VAT at the rate of 12.5% operates as a residual rate charged on goods that do not fall within any prescribed schedule or are not subject to a specified rate; items listed as exempt or assigned particular rates in schedules are excluded, and remaining unclassified goods are taxed at 12.5%.