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    Rupali Pawar
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    New Microsoft Office Word Document (2)

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    4 views1 page

    New Microsoft Office Word Document

    Uploaded by

    Rupali Pawar

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF or read online from Scribd
    Flag for inappropriate content
    of 1
    MAHARASHTRA VALUE ADDED TAX ACT, 2002 itroduct WHAT Is VALUE ADDED TAX (VAT) ‘VAT (Value Added Tax) is a multistage tax system for collection of sales tax. The system envisages levy of tax on the sale at each stage and contemplates allowing of set off of tax paid on purchases. Thus, tax is getting paid on the value addition in the hands of each intermediatory vendor. The process covers whole chain of distribution ie. from manufacturers til retailers. Prior to 1-4-2005, the system for levy of tax in Maharashtra was, in general, single point tax system. 'AS a consequence to national consensus for introduction VAT, the earlier Bombay Sales Tax Act, 1959 is replaced by Maharashtra Value Added Tax Act, 2002. The Act has come into force with

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