Under VAT, the tax rates on goods range are given in the following Schedules to the Act:
|
Schedule |
Part |
Nature of goods |
VAT Rate |
Remarks |
|
First Schedule
[Ref Sec 9(1), 3(2) of VAT Act] |
A |
Various goods |
1% |
Eligible for input tax credit |
|
B |
Various goods |
4% |
Eligible for input tax credit |
|
C |
Various goods |
12.5% |
Eligible for input tax credit |
|
Second Schedule
[Ref Sec 3(5) of VAT Act] |
|
Various goods |
|
Not eligible for input tax credit |
|
Third Schedule
[Ref Sec 8 of VAT Act] |
|
Food and non-alcoholic drinks. |
Tax amount based on turnover slabs |
Compounded Tax |
|
Sixth Schedule
[Ref Sec 70 of VAT Act] |
|
Various goods |
|
Goods requiring Transit Pass for movement. |
Tax rates under VAT
