The Government of Lakshadweep on March 05, 2024, notified the Lakshadweep Value Added Tax Rules, 2022.
The following has been stated: -
•Rule 2 lays down various definitions of the terms like Regulation and schedule.
•Rule 3 mentions the Composition Scheme related to incidence and levy of tax.
•Rule 3A mentions registration, furnishing of security payment of tax, and assessment of casual traders.
•Rule 4 is about apportionment of tax credits.
•Rule 4A is about restrictions and conditions governing tax credits.
It shall come into force on March 06, 2024.
The detailed notification is given in the document attached below.
[Notification No. Fr. No. 101/01/2022-PS&T (BAT)]
