VAT is basically the value added tax that is being paid by the consumer on the purchase of local goods which can be set off against the tax paid on the sale of goods. VAT is paid on the sale and purchase of goods other than special goods. Capital goods mean movable assets used for the manufacturing of goods like Plant and Machinery etc. The rate of tax applicable on capital goods is 4%.
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VAT is basically the value added tax that is being paid by the consumer on the purchase of local goods which can be set off against the tax paid on the sale of goods. VAT is paid on the sale and purchase of goods other than special goods. Capital goods mean movable assets used for the manufacturing of goods like Plant and Machinery etc. The rate of tax applicable on capital goods is 4%.