BABRI MASJID - CRIMINALISATION OF POLITICS
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Value Added Tax in India
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What is Value Added Tax?
Vat is a simple transparent tax collected on sale of goods. The states and Union territories have decided to introduce VAT in place of sales tax and related taxes.
How is VAT different from sales tax?
Vat will have only four rates instead of large number of rates of sales tax. With offsetting of tax on inputs against that on output, VAT does away with tax on tax. Claiming input tax credit under VAT ensures proper invoicing. Overall, these features of VAT encourage disclosure of complete information on business turnover.
Who is be covered by VAT?
All business transactions carried on with a state by individuals, partnerships, companies etc...