VAT is chargeable on the value addition to the product or the service sold to a customer. Restaurant can charge VAT on the food items that are sold to the customer. more
MRP is applicable to packaged items only and not on food served in restaurants.Packaged item means packed not in consumers presence.it is prepacked items. Now vat is payable on cost of food and service tax for service component. Service tax is as per rules on 40% of the cost of food and Vat is on the full cost of food as a product on which value is added by the hotel. this means we are actually being taxed double for 40%. The issue came up before the High Court of Uttarakhand in Valley Hotels & resorts Vs Commissioner of Commercial taxes . Honourable Hight Court decided that VAT cannot be charged on the component of 40% on which already service tax has been charged.It essentially means VAT can be charged only on 60% and not on total cost of food consumed. The concerned depts. of Govt. has to clarify this by amending the Rules. In any case once GST comes all this confusion will be cleared as now different States have different rates of Vat. more
we are supposed to be charged VAT only on the cost of food items , service charges are generally added on to calculate final bill . the difference is pocketed by the hotel . this needs to be checked by customer when he is paying bill . more
Banks Have To Provide 3 Days Grace Period From The Due Date and if u make the payment within these 3 days late fee and interest has to be reversed. Attached RBI circular and link
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My mother in law went to Apollo pharmacy to buy diabetes medicines and people over counter were selling these powder to all the diabetic patients saying diabetes will get cured with this powder and...
By Lakshmi Sitaraman
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