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what is vat?
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Answer / ameet
It is Value Added Tax. It is being collected on every sale.
The sale of various articles defined under various
sections. Once collected, it is submitted to the government.
| Is This Answer Correct ? | 14 Yes | 0 No |
Answer / badri
VAT- Value added tax. VAT is one of the indirect taxes.
Instead of having various tax hubs to the end consumer, it
is the simple method of tax, that is paid directly to
government.
The formula for VAT is
Let's- Sales= A1 and the VAT= A2
Net sales= A1/(100%+ A2)
VAT = A1 - Net sales
| Is This Answer Correct ? | 7 Yes | 0 No |
Answer / p. navaneetha krishnan
VAT => Value Added Tax, Its a Indirect Tax which is
replaced Sales Tax with effect from 1-1-2007 in most of the
states in india. It is a simplified method of Tax which is
implimented so far by the governemnt.
Sales Tax Registered No. was replaced with VAT No.
It's similar to sales tax, what ever the collected vat
amount of tax, that has to be paid to the government
account on specified date
| Is This Answer Correct ? | 4 Yes | 1 No |
vat is a form of sales tax which is collected in different
stages of transactions like buying and selling of goods and
services the input tax is rebated against the out put tax
is called as vat and is an indirect tax which is paid to the
state govt
| Is This Answer Correct ? | 3 Yes | 0 No |
vat was introduced to avoid the cascading effect of taxes.
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / priyanka
It is Value Added Tax. It is being collected on every sale.
The sale of various articles defined under various
sections. Once collected, it is submitted to the government.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / a.chinraj
VAT = VALUE ADDED TAX. Its a indirect tax and differnt stages of tranaction of buying and selling of goods and service
VAT formula is = A1/(100%+A2) , A1- Sales , A2- VAT
| Is This Answer Correct ? | 0 Yes | 1 No |
I run a small consultancy firm (partnership with my mother) from my residence address. My firm is not registered, but I do have a separate PAN for it. I do not have any salaried employees. I get work done by freelancers and vendors and pay them against invoice. My annual revenues are just about Rs 5-6 lakhs. I am aware that I would need to register for service tax once I touch Rs 9 lakhs. But I am confused about my obligation to get a TAN and deduct TDS for all vendor/freelancer payments. Are there any minimum thresholds for withholding TDS? Right now I pay 100% of invoice amounts. Please advise.
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