Vat exempted products and services

[sashimaalTop contributor]

[spw19721Active Member]

Thanks shashi

[spw19721Active Member]

No tax for " පරිගණක මදුකාංග ".... which is absolutely free ( for us )

[කිත්සිරි ද සිල්වාTop contributor]

Someone thought "Software" is a kind of ladies lingerie.

No tax for " පරිගණක මදුකාංග "....  which is absolutely free ( for us )

[yaka]

https://web.facebook.com/anurakumara/videos/668093873345063/?hc_ref=NEWSFEED

[Future123Active Member]

The new VAT act is implemented from 01 November 2016 which I think is a very short notice for businesses.

Eg: As per the new VAT act, chicken is also taxable. Now 1Kg of chicken is Rs. 420. Who will bear this tax? Supplier, trader or consumer?
I think there was no VAT and NBT on chicken meat before. There is a control price of 420/=.
In this case BFL or GRAN will have to bear nearly 60/= tax.
We can possibly see the affect in quarterly reports of GRAN and BFL financials ending 31 March 2017 as they will have to bear 17% of the selling price as VAT and NBT.

Please correct me if I'm wrong.