Short notes on vat
This query is : Resolved
27 November 2012
can anyone give me short notes on vat for the purpose of interview
27 November 2012
VAT is a form of Sales tax and imposed on intra- state sales.
Since it is imposed only on the amount of value addition made, it is known a tax on value added or Value Added Tax (VAT).
VAT prevents cascading effect of taxation by providing set-off/input credit paid at earlier stage. Cascading effect means imposition of tax on tax.
Since it is imposed only on the amount of value addition made, it is known a tax on value added or Value Added Tax (VAT).
VAT prevents cascading effect of taxation by providing set-off/input credit paid at earlier stage. Cascading effect means imposition of tax on tax.
27 November 2012
At present all states have adopted VAT.
VAT has replaced only Local Intra State taxes levied at state level.
Central Sales Tax (CST) governing inter state sales continues to be operational with effective rate of 2% or Local VAT rate whichever is lower.
VAT has replaced only Local Intra State taxes levied at state level.
Central Sales Tax (CST) governing inter state sales continues to be operational with effective rate of 2% or Local VAT rate whichever is lower.
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Stamp Paper for partnership firm change new income tax 2025
- Capital gain from sale of house property
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
