What is not covered by VAT?

Posted 11 months ago  |    0  | 
Taxation & Duty
Taxation & Duty

1 Answer(s)

Prateek Kumar
Advocate

VAT will not cover small business with a turnover below a certain limit. In Orissa, a general trader having annual turnover of Rs.2, 00,000/- or more will be covered under VAT. The dealer, who purchases goods from outside the State for resale inside the State, or sells to outside the State, is liable to pay tax on his first transaction. The taxable limit for works contractor is Rs.50, 000/- and for manufacturer is Rs.1, 00,000/-.

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