ADVANCE VAT RULING

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....DVANCE VAT RULING<br> Query (Issue) Started By: - SUBRAMANIAM MEENAKSHI SUNDARAM Dated:- 18-3-2016 Last Reply Date:- 18-3-2016 VAT + CST<br>Got 1 Reply<br>VAT / Sales Tax<br>Dear Sirs, I am a consignment agent for a Andhra based compnay dealing with ayurvedic products, two years back I applied for a VAT ruling of 5 % from 14.5%, ( for all ayurvedic medicine and products the vat rate is only 5%)....

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.... till date there is no response from the Sales tax department, If the department denies to give VAT ruling of 5 % what will happen, ( we are paying tax @ 5% for the past two years, earlier for 6 years we paid tax @ 14.5%) (all our product requesting for 5 % tax is having valid AYUSH DEPARTMENT CERTIFICATES) kindly reply Reply By Ganeshan Kalyani: The Reply: When you product is not specifical....

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....ly covered under VAT schedule entry then it will be considered under residual schedule entry and higher rate of tax is liable to be paid. You have applied to get ruling from Authority for Advance Ruling. But so far you have not received any ruling. At the outset I would like to know whether you had followed up with the department for taking up your case or whether there had been a hearing in this ....

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....regard. Anyway untill you receive any ruling from the authority you should have collected higher rate and paid it to the exchequer. But at present situation there may happen that in ruling you may get unfavourable order. Then in that case you will have to pay the differential tax along with interest. Thanks.<br> Discussion Forum - Knowledge Sharing ....