What is the VAT current 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 |
Is VAT still applicable in Maharashtra?
Thus the tax on such sale is levied according to the provisions of CST Act. Such transactions are not liable for MVAT. However full input tax credit is available for the value added tax paid in Maharashtra.
What is the current VAT rate 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.
What is the rate of VAT on alcohol in Maharashtra?
The Maharashtra government has announced a reduction in the tax on liquor. Uddhav Thackeray government has reduced the special tax on liquor from 300 per cent to 150 per cent. Amid the skyrocketing fuel prices, the government has reduced VAT rates for those who consume alcohol, earning criticism from netizens.
What is VAT on property purchase?
Commercial property owners can opt to charge VAT at the standard rate (currently 20%) when selling or leasing their property. If they do so, they must charge VAT on all supplies they make relating to that property – but they are also then able to recover VAT charged to them on any costs related to the property.
What is the VAT rate on petrol in Maharashtra?
For the rest of Maharashtra, at present petrol is 25 percent VAT plus Rs 10.12 per litre and diesel is 21 percent VAT plus Rs 3 per litre.
Why liquor is expensive in Maharashtra?
Maharashtra follows a policy of discouraging liquor consumption through high excise duties and consequently, steeper prices that translate into low sales. According to Bombay Prohibition Act, 1949, purchasing, possessing or using any liquor or alcohol without a valid permit is prohibited.
Do we pay VAT on land?
Supplies of land and buildings, such as freehold sales, leasing or renting, are normally exempt from VAT. This means that no VAT is payable, but the person making the supply cannot normally recover any of the VAT incurred on their own expenses. But you can opt to tax land.
Do you pay VAT on houses?
Residential lettings is exempt from VAT, and so majority of landlords don’t have to think about VAT at all. This VAT exemption applies whether it is single-let, HMO or Rent2Rent residential letting. However, serviced accommodation is not exempt as it is treated as holiday accommodation and so standard rated.
Why is petrol so expensive in Maharashtra?
This is because the Maharashtra government has not reduced Value Added Tax (VAT) on petrol and diesel whereas the neighbouring states had earlier slashed VAT when the Centre had reduced its excised on November 4 last year, resulting in a drop in fuel prices in these states.
Is petrol and diesel covered under GST?
It is high time that petroleum products including petrol, diesel and aviation turbine fuel (ATF) are brought under the single nationwide Goods and Services Tax (GST) regime. “Bringing petroleum products under GST will help a lot. It is good for everyone.
Is rent subject to VAT?
Whether you are charged VAT on rental payments depends on the particular property. If the landlord has ‘opted to tax’ for VAT purposes, then the rental payments will be subject to VAT; otherwise, rental payments are exempt from VAT.