What is the VAT rate in Kerala?
Schedule III: Goods and Products attract a VAT rate of 5% and the goods in this schedule include automated agricultural implements, utensils, and structures such as bridges, knives and baby products.
When was VAT introduced Kerala?
Kerala Value Added Tax (Act 30 of 2004) came into force on 1st April 2005.
What are the VAT rates in India?
The standard VAT rates are 18% and 12%. The reduced rate is 5%. India also has some zero-rated goods, the sale of which must still be reported on your VAT return, even though no VAT is charged.
How much is GST in Kerala?
It is a service provided by the Department and the tax rate is 18%.
What is VAT charge?
Introduction. Value Added Tax (VAT) is a tax charged on the sale of goods or services and is usually included in the price of most products and services.
Which Indian state first used VAT?
Haryana was the first state to introduce VAT in 2003. The last state replacing Sales Tax to VAT is Uttar Pradesh, with effect from January 1, 2008. ADVERTISEMENTS: The decision to introduce VAT was publicly discussed first at a conference of state chief ministers and finance ministers in November 1999.
Who started VAT?
The value-added tax (VAT) is a relatively new tax. It was designed by two people, independently, in the early 20th century. To Wilhelm Von Siemens, a German businessman, the VAT was a way to resolve the cascading problems that arose in implementing gross turnover taxes and sales taxes.
What is current VAT rate?
Current VAT rates
|Date effective from||Standard rate (%)||Reduced rate (%)|
|1 March 2021||23||13.5|
|1 January 2021||21||13.5|
|1 September 2020||21||13.5|
|1 January 2020||23||13.5|
What is Utgst tax?
Similar to how SGST is levied by the state governments on the intra-state supply of goods and services, Union Territory Goods and Services Tax or UTGST is levied by the Union Territory governments. It refers to the tax levied on the intra-Union Territory supply of goods and services.
What is reverse charge under GST?
Reverse Charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply.