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Querist : Anonymous

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Querist : Anonymous (Querist)
30 September 2011 sir,

i am tot dealer.do i have option to change from tot to vat dealer.
what is the procedure?

what is the difference between tot and vat?

Thanks in advance.
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MJ Krishnamurthy

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MJ Krishnamurthy (Expert)
14 October 2011 Mr. Author,
Only COT i.e.(composition of tax) is an alternative to VAT. COT is the simplified method of paying tax at a different rate ,say,4 or 5%,on the total receipts,without going to details such as output tax,input tax,and exemptions. VAT is subject to all these details.COT amounts to higher payment of tax due to no input credit and exemptions.VAT needs detailed accounting and returns,but for COT only total receipts re to be declared.
etc.
You can change from one system to another by filing an application on plain paper to VAT officer.
MJK
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