VAT Rate as per VAT and SD ACT 2012. Part-3

SL. No	Service Code	Particulars of Service	Rate of VDS
72	S063	Tailoring Shop & tailors	10.0%
73	S064.1	Amusement park and theme park	7.5%
74	S064.2	Picnic Spot, Shooting Spot, and tourist spot	15%
75	S065	Cleaning or Maintenance Service Providers of Building’s Floor and Yards	10.0%
76	S066	Seller of Lottery	10.0%
77	S067	Immigration advisor	15.0%
78	S068	Coaching Center	15.0%
79	S069	English Medium School	5.0%
80	S070.1	Private University	0.0%
	S070.2	Private Medical & Engineering College	0.0%
81	S071	Event Management	15.0%
82	S072	Human Resource Management	15.0%
83	S073	Manpower Exporter	0.0%
84	S074	Rent of place	15.0%
85	S075	Stock & Security Broker	0.0%
86	S076	Social & sports club	10.0%
87	S077	Tour Operator	0.0%
88	S078(ka)	Sale center of own brand garments/clothes	7.5%
89	S078(kha)	Sale center of brand garments/clothes (except it's own)	7.5%
90	S079	Social Media or Virtual Business	Removed
91	S080	Ride Sharing Service	5.0%
92	S099.1	ITES - Information Technology Enabled services	5.0%
	S099.2	Other services	15.0%
	S099.3	Sponsorship services	15.0%
	S099.4	Meditation service	0.0%
93	S099.5	Sale of Goods through Online	5.0%
94	S099.6	Credit Rating Agency	7.50%

SL. No	Service Code	Particulars of Service	Rate of VDS
72	S063	Tailoring Shop & tailors	10.0%
73	S064.1	Amusement park and theme park	7.5%
74	S064.2	Picnic Spot, Shooting Spot, and tourist spot	15%
75	S065	Cleaning or Maintenance Service Providers of Building’s Floor and Yards	10.0%
76	S066	Seller of Lottery	10.0%
77	S067	Immigration advisor	15.0%
78	S068	Coaching Center	15.0%
79	S069	English Medium School	5.0%
80	S070.1	Private University	0.0%
	S070.2	Private Medical & Engineering College	0.0%
81	S071	Event Management	15.0%
82	S072	Human Resource Management	15.0%
83	S073	Manpower Exporter	0.0%
84	S074	Rent of place	15.0%
85	S075	Stock & Security Broker	0.0%
86	S076	Social & sports club	10.0%
87	S077	Tour Operator	0.0%
88	S078(ka)	Sale center of own brand garments/clothes	7.5%
89	S078(kha)	Sale center of brand garments/clothes (except it's own)	7.5%
90	S079	Social Media or Virtual Business	Removed
91	S080	Ride Sharing Service	5.0%
92	S099.1	ITES - Information Technology Enabled services	5.0%
	S099.2	Other services	15.0%
	S099.3	Sponsorship services	15.0%
	S099.4	Meditation service	0.0%
93	S099.5	Sale of Goods through Online	5.0%
94	S099.6	Credit Rating Agency	7.50%

Fair market price as per VAT & SD Act 2012.

 

·         The consideration for a supply arrived at on the basis of a normal relation between a buyer and a seller, who are not associated with each other;

·         if it is not possible to arrive at a fair market price as prescribed in clause (a) above, it would then be the consideration of a similar supply made previously under similar circumstances;

·         if it is not possible to arrive at a fair market price by the above means, it may be determined by the Board on the basis of an impersonal average of considerations arrived at in the course of normal business relations among buyers and sellers, who are not associated with one another

 

Who are responsible to deduct VAT at sources?

 

Following entities are eligible to withhold VAT at source.

•       Govt. Authority

•       Semi Govt. Authority

•       Autonomous Body

•       Local Authority

•       NGO registered with NGOAB or Social Welfare Department

•       Govt. Owned Enterprise

•       Bank

•       Non-Banking Financial Institution

•       Insurance Company.

•       Limited Company

•       Education Institution (post-secondary)

 

Use of Business Identification Number ( BIN)

 

1.       All imports & exports (except baggage imports)

2.      Registration of land and building in the name of registered person

3.      Obtaining IRC& ERC

4.      Making any supply to a withholding entity

5.      Participation in tender

6.      Enlistment in any organization

7.      Approval of Bond license

8.      Approval of Bank loan I favor of registered person

9.      Any other determined by the Board