Highlights
of Karnataka Budget Speech - 2013-2014 and amendments proposed in various
Commercial Tax & Other Laws:
Karnataka
VAT Act, 2003:
Ø
Change
in Tax Rates:
- The general rate of VAT which was increased from 5 % and 14 % to 5.5 % and 14.5 % respectively, earlier, shall continue to be applicable up to 31.07.2013 and shall be reduced to the original rates with effect from August 2013
- VAT exemption on paddy, rice, wheat, pulses and products of rice and wheat extended for one more year from 01.04.2013