Vat In India

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Issue:

Miscellaneous

 

Written by:

Jimmy V

 

Date added:

May 6, 2013

 

Level:

University

 

Grade:

A

 

No of pages / words:

16 / 4227

 

Was viewed:

7339 times

 

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Essay content:

In simple terms, ?value added' means difference between selling price and purchase price. VAT avoids cascading effect of a tax. Basically, VAT is multi-point tax, with provision for granting set off (credit) of the tax paid at the earlier stage. Thus, tax burden is passed on when goods are sold. This process continues till goods are finally consumed...
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Thus, tax burden is passed on when goods are sold. This process continues till goods are finally consumed. Hence, VAT is termed as ?consumption type' tax. VAT works on the principle of ?tax credit system'. Generally, any tax is related to selling price of product. In modern production technology, raw material passes through various stages and processes till it reaches the ultimate stage e...
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