Wednesday, April 17, 2013

Default rate ?

What is the rate of my goods which I Import, if there is no rate specified i the Schedule of Rates?

Simple Answer:
5% on Bill Amount.

Details and Explanation:
The schedule of Rates is divided into 2 schedules "A" and "B"
Schedule B provides with goods which are exempt from LBT. Schedule A are those goods which does not fall in Schedule B which are further divided into 4 groups.

Group I - 14 goods classified here.
Group II - Remaining (116 to be specific) goods classified here.
Group III - Liquor, Tobacco, Fuel.
Group IV - All goods which does not fit in any of above groups.

LBT rates are mentioned for each ad every goods covered in Group 1,2,3 while there is single rate in Group 4 i.e. 5% 

I got some questions asking me to find rates of specific products. I am not (And any one can not be) expert in identifying the what description of goods you purchase best suits description mentioned in Schedule provided. I ca help in classifying goods which are of general nature, but cannot say about specific character (eg - Nitric Acid). I have some industry experts and can have schedule what is applicable similar to what is posted for jewellers