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What are the present rates of Vat, Tds & Service Tax?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 usha asked about 3 years ago

What are the present rates of Vat, Tds & Service Tax? Whether VAT rate is applicable to restaurant?

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6 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 veeru answered about 3 years ago

VAT is a state tax and applicable on goods on their classification basis. the rate of vat is 1, 4,5,12.5,14,20 %. TDS is also applicable on their classification basis,. i.e. on rent, professional fees,commission etc is 10%, on contract its 1 or 2%, and on sale of immovable property is 1%. and service tax is applicable at 14%.

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Open uri20170510 32134 tcchcu?1494421832 Jitendra Suthar answered about 3 years ago

Hiiii friend.... VAT rates differ from state to state. Normally vat rates ranges from 5% to 15% categories. (and Zero rate also available) Service Tax rate at present is 14% revised from 1.06.2015. And TDS rates are normally 10% for PAN based deductees. and balance rates are same as Rohits answer. Thanks & Regards,

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 ROSHNI answered about 3 years ago

VAT Rates - 20%, 5%, and 0% Service tax rates - 14% TDS Rate - i am agree with rohit awasthi's answer

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 ketan answered about 3 years ago

dear usha VAT tax applicable is 12% andTDS having PAN 10% rate applicable . service tax appicable 14% assement year 2015-16 onwards. any other query regard tax feel free . writer K.D.MAKWANA

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Data?1494421730 rohit awasthi answered about 3 years ago

Dear Friend VAT rates for goods and services Standard Rate - 20% Most goods and services Reduced rate - 5% Some goods and services, eg children's car seats and home energy Zero rate - 0% Zero-rated goods and services, eg most food and children's clothes Service Tax Rate It is proposed to increase the present rate" of service tax plus education cess from 12.36% to a consolidated rate of 14%. TDS Rates TDS Rates for A.Y.2016-17 (F.Y.2015-16) Payment More than ( ) p.a. and first rate for individual and second rate for other 194A Interest from a Banking Company 10,000 p.a. 10% 10% 194A Interest other than from a Banking Co. 5,000 p.a. 10% 10% 194C Contractors (including Advertising & Sub-Contractor) 30,000 (per payment) or 75,000 p.a. 1% 2% 194C Transport Contractors (Providing PAN and enganged in the business of plying, hiring or leasing of goods carriages Nil Nil Nil 194D Insurance Commission 20,000 p.a. 10% 10% 194H Commission or Brokerage 5,000 p.a. 10% 10% 194I Rend of Land & Building 1,80,000 p.a. 10% 10% 194I Rent of Plant & Machinery and Other Equipments 1,80,000 p.a. 2% 2% 194IA Transfer of Immovable Property other than Agriculture Land 50,00,000 1% 1% 194J Payment for Professional Services, Technical Services & Royalty 30,000 p.a. 10% 10% 194J(1)(ba) Payment to Directors any remuneration or fees or commission by whatever named called if the same is not covered u/s 192 - 10% 10% DS Rates for A.Y.2015-16 (F.Y.2014-15) 194A Interest from a Banking Company 10000 10% 10% 194A Interest other than from a Banking Co. 5000 10% 10% 194C Contractors (including Advertising & Sub-Contractor) 30000 (per payment) or 75000 p.a. 1% 2% 194C Transport Contractors (Providing PAN and enganged in the business of plying, hiring or leasing of goods carriages Nil Nil Nil 194D Insurance Commission 20000 10% 10% 194H Commission or Brokerage 5000 10% 10% 194I Rend of Land & Building 180000 10% 10% 194I Rent of Plant & Machinery and Other Equipments 180000 2% 2% 194IA Transfer of Immovable Property other than Agriculture Land 5000000 1% 1% 194J Payment for Professional Services, Technical Services & Royalty 30000 10% 10% 194J(1)(ba) Payment to Directors any remuneration or fees or commission by whatever named called if the same is not covered u/s 192 - 10% 10%

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Marudhachalamurthi commented over 1 year ago

Please note that VAT Rates are varies State to State for the same product.

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 CHITRANJAN AGARWAL answered about 3 years ago

Dear Usha, VAT is a state tax and applicable on goods on their classification basis. the rate of vat is 1, 4,5,12.5,14,20 %. TDS is also applicable on their classification basis,. i.e. on rent, professional fees,commission etc is 10%, on contract its 1 or 2%, and on sale of immovable property is 1%. and service tax is applicable at 14%. Yes, vat is applicable on restaurant also. however the vat is applicable only the part of sold value of goods in the restaurant. Any other query feel free to contact us Writer CA Chitranjan Agarwal

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