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VAT & GST

VAT & GST

Ratings: (0)|Views: 38 |Likes:
Published by Mayank Basra
Value Added Tax

What is VAT?
Consumption tax levied on any value that is added to a product

Total tax levied at each stage is a constant fraction of the value added at each stage French Tax Authority, was first to introduce VAT on April 10, 1954

130 countries are implementing VAT

Before VAT(CST)
Sales taxes are charged on final sales to consumers

Increase with the number of passages between the producer and the final consumer Very high sales taxes and tariffs encourage cheating and smuggl
Value Added Tax

What is VAT?
Consumption tax levied on any value that is added to a product

Total tax levied at each stage is a constant fraction of the value added at each stage French Tax Authority, was first to introduce VAT on April 10, 1954

130 countries are implementing VAT

Before VAT(CST)
Sales taxes are charged on final sales to consumers

Increase with the number of passages between the producer and the final consumer Very high sales taxes and tariffs encourage cheating and smuggl

More info:

Categories:Types, Business/Law
Published by: Mayank Basra on Aug 29, 2010
Copyright:Attribution Non-commercial

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09/24/2010

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Value Added Tax
 
Wh
at is VAT?
Consumption tax levied on any value t
h
at is added to a productTotal tax levied at eac
h
stage is a constant fraction of t
h
e valueadded at eac
h
stageFrenc
h
Tax Aut
h
ority, was first to introduce VAT on April 10,1954130 countries are implementing VAT
 
B
efore VAT(CST)
Sales taxes are c
h
arged on final sales to consumersIncrease wit
h
t
h
e number of passages between t
h
e producerand t
h
e final consumerVery
h
ig
h
sales taxes and tariffs encourage c
h
eating andsmuggling

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