Excise and taxation department on 19-04-2011 issued a notification about increase the VAT rate on declared goods from 4% to 5%. This increase of value added tax is on the declared goods in all over the India. This increment will implement with immediate effect it means from 19-04-2011.
What is declared goods- declare goods are the goods of special importance. That’s why it called declare goods. When these declare goods are sold in the same state, the state government gets the VAT on it. So VAT on declare goods tends to be down from the other goods. The list of declare goods are as under.
- All the cereals like wheat, rice, maize, bajra, jowar and barley.
- Non manufactured form cotton
- Coal and coke
- Crude oil
- Skins and hides
- Iron and steel in any form including scrap
- Jute
- Oil seeds
- Pulses
- Man made fabrics like filament yarn, polyester filament yarn and artificial filament yarn
- Sugar
- Woven fabrics of wool
- LPG
- Aviation fuel used in the airlines
So all on these goods now to need to pay a 5% VAT rate compare to 4% earlier
What is declared goods- declare goods are the goods of special importance. That’s why it called declare goods. When these declare goods are sold in the same state, the state government gets the VAT on it. So VAT on declare goods tends to be down from the other goods. The list of declare goods are as under.
- All the cereals like wheat, rice, maize, bajra, jowar and barley.
- Non manufactured form cotton
- Coal and coke
- Crude oil
- Skins and hides
- Iron and steel in any form including scrap
- Jute
- Oil seeds
- Pulses
- Man made fabrics like filament yarn, polyester filament yarn and artificial filament yarn
- Sugar
- Woven fabrics of wool
- LPG
- Aviation fuel used in the airlines
So all on these goods now to need to pay a 5% VAT rate compare to 4% earlier
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