Menu
Cascading effect of vat..
Well, cascading effect means the imposition of tax on tax element included in cost...
Doesn't vat paid on a product include the tax element on the margin of the seller?
Isn't the same profit taxed under the head Income From Business/Profession??
So does the govt. collects tax from the consumer and the producer for an expense as well as for an income.... both being the same???
Replies (3)
please these are the two levies which are alltogther different and charge of tax on sale and income are alltogether different. Please refer to the article 246 of the Constitution of India and Schedule 7 entry 82 list I and Entry 54 of list II.
Oh okay.
Happy to learn something new.. :)
Thanks :)
Oh yes.
Vat is collected by the SG and the income tax is levied by the CG..
I agree that they are completely different.. sale and income...
but i am not happy with the fact that the govt.(s) levy taxes on the same element (profit) twice.... :(
Recent Topics :
Related Topics :
08 September 2026
Semi-Qualified Assitant
Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
View Details
ARTICLESHIP
18 September 2026
Industrial Trainee
Twenty Point Nine Five Ventures Private Limited
Noida
CA Inter
View Details
22 September 2026
Account Assistant
Chirag P Shah & Co. Chartered Accountant
Pune
B.Com
View Details
ARTICLESHIP
07 September 2026
Article/ Paid Assistant
Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
View Details
CCI
Pro
CAclubindia
