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What is VAT Implementation in India about?

Value added tax (VAT) is an indirect tax levied on sale of goods and services when these commodities are ultimately sold to the consumer. VAT was introduced into the Indian taxation system in 2005, replacing general sales tax. It is calculated as the difference between input tax (tax on raw materials) and output tax (tax on sales) and aims to tax value added at each stage of production. VAT implementation and rates vary between states but commonly include nil, 1%, 4-5%, and general rates of 12-15% depending

Author

Mk Siv Sp

Language

EN