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VAT Road to GST

VAT Road to GST

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Published by Varun Puri
Value Added Tax,History, VAT in India, Registration for VAT, Declaration & Payment of Tax, Comparison of VAT and Sales tax, Advantages of application of VAT, VAT & its Effects, Goods & Services Tax Model for India, Salient features of the GST model,
Taxes subsumed by GST, GST’s benefit to the small entrepreneurs and small traders,

Value Added Tax,History, VAT in India, Registration for VAT, Declaration & Payment of Tax, Comparison of VAT and Sales tax, Advantages of application of VAT, VAT & its Effects, Goods & Services Tax Model for India, Salient features of the GST model,
Taxes subsumed by GST, GST’s benefit to the small entrepreneurs and small traders,

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Published by: Varun Puri on Mar 22, 2010
Copyright:Attribution Non-commercial

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01/10/2012

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1
VAT: Road to GST
Project Report on Contemporary issues
VAT: Road to GST
Course Code: MGT 727
 Submitted by:
Varun Puri Reg. No. 10800464 RR1805 A 19
 Submitted to:
 Anand Thakur 
DEPARTMENT OF MANAGEMENTLOVELY PROFESSIONAL UNIVERSITYPHAGWARA(2010)
Lovely Professional University
 
2
VAT: Road to GST
DECLARATIONI,
Varun Puri 
”,
hereby declare that the work presented herein is genuine work done originally by me and has not been published or submitted elsewhere. Any literature, data or works done byothers and cited within this report has been given due acknowledgement and listed in thereference section.
 _______________________ 
(Varun Puri) _______________________ (Registration No.)
Date:
 __________________ 
Lovely Professional University
 
3
VAT: Road to GST
Contents
Review of Literature ................................................................................................... 5Need, Scope & Objective of Study .............................................................................. 7Need ........................................................................................................................ 7Scope ....................................................................................................................... 7Objective ................................................................................................................. 7Value Added Tax ......................................................................................................... 8History .................................................................................................................... 8VAT in India ............................................................................................................. 8What is Value Added Tax (VAT)? ............................................................................. 9 The basic principle of VAT ..................................................................................... 10Why a New Tax System? ....................................................................................... 10Who have to register as a Taxpayer? .................................................................... 11Registration for VAT:- (Procedure) ........................................................................ 12Declaration & Payment of Tax ............................................................................... 14Comparison of VAT and Sales tax .......................................................................... 14Advantages of application of VAT .......................................................................... 15VAT Effect on Inflation ........................................................................................... 17Effects of VAT on Distribution ................................................................................ 18VAT Effect on Economic Growth ............................................................................ 20Goods & Services Tax Model for India ...................................................................... 20GST: The way ahead .............................................................................................. 20Salient features of the GST model......................................................................... 21 Taxes subsumed by GST ....................................................................................... 23GST’s benefit to the small entrepreneurs and small traders ................................. 25
Lovely Professional University

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