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what is vat?
what is excise?
what is form c & d in sales tax?
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Answer Posted / pappu
VAT is a multi-stage tax levied at each stage of the value
addition chain, with a provision
to allow input tax credit (ITC) on tax paid at an earlier
stage, which can be appropriated
against the VAT liability on subsequent sale.
VAT is intended to tax every stage of sale where some value
is added to raw materials,
but taxpayers will receive credit for tax already paid on
procurement stages. Thus, VAT
will be without the problem of double taxation as prevalent
in the present tax laws.
| Is This Answer Correct ? | 3 Yes | 2 No |
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sir, can you give me clarification briefly how to capitalized and which one capitalized
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I have doubt on Input VAT & Output VAT (incoming vat / outgoing vat) I have a HMS software, where we have interface to tally erp. When we import the transactions to Tally from HMS (Hospital Management System) All the purchases what we do for a period, the tax paid on these purchase are showing as out going vat. Similarly when we do the sales of those purchased items through HMS, tax collected from customer is showing as incoming vat. Is these are correct terms what they had mentioned in HMS? Please help me out.
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I AM A/C'S MANAGER IN CONSTRUCTION CO.WE TAKE TRANSIT MIXTURE ON RENT BASE FROM OUTSIDER.THE SUPPLIER CHARGE VAT ON THAT MACHINERY @ 15%,IS IT TRUE? IF YES PL.SAY ME WHICH SECTION APPLY UNDER THIS LAW OR NOTIFICATION OR CIRCULER FROM COMMERCIAL TAX DEPATMENT.
The company i approached asked me that they are registered Manufacturer to market fire extinguishers. They have both VAT & CST registration. When they supply material out of state i.e. under "C" form, to a Dealer who is also registered with CST and who can issue "C" form but for product paint. Will the "C" form issued by the Dealer be acceptable to us. What law governs, since the dealer is not registered to trade in Fire Extinguishers? In the first instance will he be able to issue "C" form at all i.e. Will the government allow him to issue "C" Form, if so under what norms? In the case that my company is the Dealer and registered for trading in Paint and we are taking Fire Extinguisher Dealership will I get set-off in "C" form for purchase and Sale. Kindly let me know on russel.raphael@gmail.com
