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Value Added Tax Ppt @ Bec Doms Bagalkot Mba

Value Added Tax Ppt @ Bec Doms Bagalkot Mba

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Published by: Babasab Patil (Karrisatte) on Mar 27, 2012
Copyright:Attribution Non-commercial

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01/02/2013

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  value added tax
 
Meaning of VAT
Value Added Tax (VAT) is nothing but a generalconsumption tax that is assessed on the value added to
goods & services.
It is the indirect tax on the consumption of the goods, paidby its original producers upon the change in goods or upon
the transfer of the goods to its ultimate consumers.
It is based on the value of the goods, added by thetransferor. It is the tax in relation to the difference of thevalue added by the transferor and not just a profit.
 
Basic concept of VAT
VAT is not a new mode of tax but only a different
method of sales tax.
VAT is basically a tax on sale of good.
VAT is payable by seller who is termed as a
„dealer‟
.

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