what is vat?
what is excise?
what is form c & d in sales tax?
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Answer Posted / pappu
VAT is a multi-stage tax levied at each stage of the value
addition chain, with a provision
to allow input tax credit (ITC) on tax paid at an earlier
stage, which can be appropriated
against the VAT liability on subsequent sale.
VAT is intended to tax every stage of sale where some value
is added to raw materials,
but taxpayers will receive credit for tax already paid on
procurement stages. Thus, VAT
will be without the problem of double taxation as prevalent
in the present tax laws.
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