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00 being the 15 % VAT for that Rs 50,000 under the new amendment. Whereas under the existing system though the VAT payable is 11 %, the same merchant who has the turnover of Rs 200,000 will have to pay more. While paying Rs 5,500 being the 11% VAT for the revenue of Rs 50,000 he also had to pay an additional 11 % for the revenue of Rs 200,000 minus the maximum exemption of 25 percent granted on the total revenue. Accordingly, a merchant whose daily revenue is Rs 200,000 under the existing VAT Act had to pay altogether Rs 16,500 being the 11 percent VAT whereas the same merchant under the proposed amendment has to pay altogether Rs 7,500 only though the rate of VAT will be increased to 15 percent. The VAT should be paid for certain commodities such as cosmetics, biscuit, soap and processed food item. All other essential commodities have been exempted from VAT, therefore, VAT will not be charged for such VAT exempted goods. Value Added Tax known as VAT was introduced to the tax system in Sri Lanka in 2002. At the beginning, VAT was charged under three levels at the rates of 0%, 10% and 20%. In 2005, it was increased as 5%, 15% and 18%. Later, in 2006, VAT was increased to a single rate of 20%. The then ruling government reduced the VAT to 15% in 2007 and it was further reduced to 12% in 2009. VAT was the tax on domestic consumption of goods and services since its inception but, for the first time, it was extended to retail and wholesale sectors by the then ruling government in 2013. Accordingly, super markets and other trade outlets engaged in retail and wholesale with a daily turnover above Rs 2.8 million were brought under tax net and, a 12% VAT was imposed on such business institutions. However, this threshold was reduced to Rs 1.
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4 million in 2014. A limited number of VAT payable goods included in the turnover but the traders were compelled to pay VAT for the total turnover during that period. Under the new Act, only the wholesale and retail shops which exceed their daily turnover of Rs.138, 000 will be categorized as VAT payable merchants. But the uniqueness is that the traders will be charged 15% VAT only on the goods for which VAT is payable. Under the new Act, VAT will not be charged on any essential item. Several health services provided by private hospital sector has also been exempted from VAT. Among such services are: OPD service, Laboratory service and dialysis services. The VAT is borne by the final or the ultimate consumer and not by the trader. It is an indirect tax and the Government will receive at the end, through all the intermediary suppliers and whole sale and retailers, an amount equal to the amount paid by the final consumer. Under such circumstances, certain factions who had kept tight lipped when the heavy VAT ranging even up to 20% were charged during the previous government, have now started to react maliciously. It was observed in the recent past that such groups used local business community as its cat's paw by propagating malicious and mischievous remarks on the proposed VAT Media Unit, Ministry of Finance 118-2006_e