VAT act -Karnataka
Anil Mathur
(Querist) 18 May 2010
This query is : Resolved
Dear Sir,
In Karnataka state, we are charging the VAT on MRP. Due to demand of Trade association, we have to charge the VAT at Trade price effective 1st, June, 2010. I am interested to know whether can switch over to Multiple tax system in between the financial year? if yes, any formality is to be completed?
R.Ramachandran
(Expert) 31 October 2010
If the VAT rate is changed in between the financial year are you not changing?
Similarly, if a new product is made liable to VAT in the middle of the year, are you not charging VAT?
If any product is exempted from VAT in the middle of the year, are you not stopping charging VAT from the effective date of that exemption?
Similarly, if the Trade has succeeded in getting Notification from the government that from such and such date it is enough if VAT is charged on the trading price instead of on MRP, you have to do it from that date.
There are no other formalities involved in this regard.
