Can it be said that VAT brings about certainty to a great extent in the matter of interpretational issues?If so,how? (4 marks)
Gaurav Singh (student) (496 Points)
19 October 2011Can it be said that VAT brings about certainty to a great extent in the matter of interpretational issues?If so,how? (4 marks)
ABHINANDAN JAIN
(CA Student)
(886 Points)
Replied 20 October 2011
® The VAT is a system based simply on transaction. Thus there is no need to go through complicated definitions like Sales, Sales Price, Turnover of Purchases, turnover of Sales, etc.
® The tax is also broad based and applicable to all sales in business (i.e. all types of business for ex-service, sales) leaving little room for different interpretations.
® Thus, this system brings certainty to a great extent in the matter of interpretational issues.
Gaurav Singh
(student)
(496 Points)
Replied 23 October 2011
Ya, this question is of VAT benefit-"certainty"
DIVVELA SANKARA PRASAD
(Sr.Asst)
(22 Points)
Replied 23 October 2011
Hi Friends,
Pls clarify - Whether the sale of scrap and waste oil obtained on servicing of vehicles by a automobile business assessee is liable for VAT under A.P.Vat Act.
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