What is vat
This query is : Resolved
19 November 2011
Dear sir,
I would like to know importance of vat and haw it works and process
I would like to know importance of vat and haw it works and process
19 November 2011
VAT is value added tax, which is applicable in local sales tax. (However in service tax/excise etc CENVAT is also used)
earlier there was only one point tax on sale, hence many businessmen were able to evade tax liability.
Now VAT is multi point tax where every seller has to pay tax, and in return he will get tax credit for tax paid by him on purchase. So this scheme will help to curb tax evasion.
Simply speaking, its tax on your value addition only.
Regards
earlier there was only one point tax on sale, hence many businessmen were able to evade tax liability.
Now VAT is multi point tax where every seller has to pay tax, and in return he will get tax credit for tax paid by him on purchase. So this scheme will help to curb tax evasion.
Simply speaking, its tax on your value addition only.
Regards
19 November 2011
agreed with expert .
VAT is a multi-point tax on value addition which is collected at different stages of sale with a provision for set-off for tax paid at the previous stage/tax paid on inputs.
also read the link:
https://www.caclubindia.com/share_files/all-about-vat--43084.asp
VAT is a multi-point tax on value addition which is collected at different stages of sale with a provision for set-off for tax paid at the previous stage/tax paid on inputs.
also read the link:
https://www.caclubindia.com/share_files/all-about-vat--43084.asp
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- ITC EXCESS CLAIM + RCM NOT PAID...BOTH FOR FY 2020-21......PAID IN FY 2024-25....EFFECT
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
