if a commodity is traded between few parties, is it illegal even if the vat is paid on the profit arising on it
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Trading of goods
Replies (2)
Vat must be paid on Consumption Varient and not on Income Varient.
There is no relation between your parties and your profit . As per VAT ACT profit is a part of the sale price and VAT is charged on it . VAT stands for value added tax . It means that tax is to be levied on the value addition made by you on your product .
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