Genealogy

VAT

Description
VAT
Categories
Published
of 30
All materials on our website are shared by users. If you have any questions about copyright issues, please report us to resolve them. We are always happy to assist you.
Related Documents
Share
Transcript
   Value Added Tax is a multi-point sales tax with set off for tax paid on purchases.  A tax on the value addition on the product.  Burden of tax is ultimately borne by the consumer. VAT  HISTORY  German industrialist Dr. Wilhelm von iemens proposed the concept in !"!#.  $aurice %aur&' (oint Director of the )rench Tax Authority' was first to introduce VAT on April !*' !"+,.  IN INDIA  $aority of the tates have already implemented VAT from !.,.**+.  $anmohan in/h introduced the idea in !""+.  0redit /oes to former )inance $inister (aswant in/h for implementin/ it.  1aryana was the first state to introduce VAT2year **34.  The committee of finance minister and chief minister su//ested for it in !""+ and "#.  VAT Terminolo/y Output VAT  5Amount received by a seller as a percenta/e of the /ross sale  price of /oods or services  Input VAT 5Amount paid by a buyer as a percenta/e of the /ross  purchase price for /oods or services used in production.  Zero Rated 5Transactions in which the seller collects no output tax and the correspondin/ input tax is fully refundable. 6xports are 7ero rated  Exempt 5Transactions in which the seller collects no output tax but the correspondin/ input tax is non-refundable and absorbed by the seller. )inancial services are commonly exempt.
We Need Your Support
Thank you for visiting our website and your interest in our free products and services. We are nonprofit website to share and download documents. To the running of this website, we need your help to support us.

Thanks to everyone for your continued support.

No, Thanks