1. How many types of vat?
2. What is the sales tax purpose?
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Answer Posted / mayuri patil
actually in vat there are no types of vat. The difference
is in between methods of varient and rates of vat
A)methods of varient
1.Gross product Variant
2.Income Variant
3.Consumption Variant
B)rates of vat
1)1% - GOLD & PRECAUSIOUS STONE
2)4% - FINISH GOODS
3)12.5% - ELECTRONIC GOODS
4)20% - LIQUOR
5)UP TO 36% - PETROL, DIESEL
The purpose of sales tax
tax wich is the name used by people/govt is sales
tax. after some modications and new methods we, in todays
world called vat. in sales tax system tax is charged
more...i.e. tax on tax
sales tax purpose from governments point of view
sales tax is a reveneu income of state govt. because of
sales tax govt can achive a control on peopl. the tax
evasion comes down. tax collected more by govt.
sales tax from assessees point of view --
assessee can enjoy self assessment. assessee may feel at
some extent relax..etc.
this system is benificial to prompt assessees
and heavily pynishable who makes a frod...
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