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Indirect taxes are levied at the level of both the Centre as well as the states. While the Central Government is empowered to levy Central Excise, Custom Duty, Service Tax and Central Sales Tax, the state governments are empowered to levy tax on the sale and purchase of goods, on entertainment, on the entry of goods, and on professions, among other things.
VAT is a state level tax. Since it is different in all states, so are its rates and definitions. The only similarity with regard to the imposition of VAT in the states is that, all the state laws on VAT have been structured on the basis of the recommendations of the Empowered Committee on VAT. The laws and rules relating to VAT have been evolving over a period of time in keeping with the changing business needs of the Government. Simultaneously, our client profile too has been expanding to cover various geographical locations across the country, thereby making it imperative to disseminate relevant information concerning all the states among all VAT practitioners in the shortest possible time.
Various books have been written on the issue of VAT. But, most of them cover VAT levies state-wise and are basically oriented towards helping students pass examinations on the subject. So it was a long felt need for a comprehensive book covering various aspects of VAT, for catering to the specific needs of VAT practitioners offering consultations to their clients on the indirect tax levies in different states or for augmenting the knowledge of businessmen on the subject, especially those running small and medium level businesses, who have little time to read and assimilate complicated books on tax matters.
This book, thus attempts to address these problems by offering readers a broad picture of VAT as applicable in various states, and virtually acts like a summary of VAT laws of all the states in the country. In addition, it provides a simplified state-wise view of these laws for anyone wishing to be acquainted with their complex nature. To meet this end, all the changes made in Acts related to VAT through the issuance of notifications and circulars have been incorporated in the book, which also functions as a reckoner on Professional Tax and Entry Tax for all the states in India.
Apart form the facts and figures given for all the states, we provide the readers a CD with the book in which we have soft copy of all the related forms and Schedules , statewise, which will be useful for dealers as well as other practising CA’s for their day to day work.
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VAT is a modern and progressive Tax System, which provides uniformity in tax collection, payment, assessment and administration and is used in over 130 countries around the world. It is charged and collected by every dealer on goods sold to other dealers at every stage and to the customer.
In the past due to variety of reasons, different states have followed different VAT structures; this resulted in a problem for the dealers who do inter-state transactions. So a handy book on All India VAT was much needed.
It is my pleasure to present this book and the authors, Alok Kr.Agarwal (FCA) and Deepak Kr. Das (LLB), for augmenting the knowledge of businessmen on the subject, especially those running small and medium level businesses, who have little time to read and assimilate complicated books on tax matters.
This book thus attempts to address these problems by offering readers a broad picture of VAT as applicable in various states, and virtually acts like a summary of VAT laws of all the states in the country. In addition, it provides a simplified state-wise view of these laws for anyone wishing to be acquainted with the consolidated information on All India VAT. To this end, all the changes made in Acts related to VAT through the issuance of notifications and circulars have been incorporated in the book, which also functions as a reckoner on Professional Tax and Entry Tax for all the states in India.
This is a remarkable book, not only because of it’s contents and usefulness, but for the very reason that covering all the states and summarizing it into one, when books are available for independent states, would have been a task in itself. This has only been possible because of the reason that CA Alok Kr. Agarwal has practical knowledge about the subject and serves his clients for VAT in all the states and also conducts seminars for educating about All India VAT. And he is also associated with The Institute of Chartered Accountants of India for the same purpose.
I have enjoyed going through the book and I’ve learned from it in the process. I hope you will also be benefitted from this book.
Mr. D. S. Rawat
Secretary General,
ASSOCHAM
New Delhi
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