Advertisement Introduction: What is Tax? Very simply explained: Money that is charged by the government upon an individual for or an organization to the income they make, the goods they buy or the services and transactions they utilize is termed as a tax. Only an authority is authorized to...
Direct and Indirect taxes is a subject that appears in sem 4 of your BMS. After learning accountancy and cost accountancy, this is a subject which is related to accounts but has no similarities to it at all. Let us go through the syllabus before we go ahead in...
Principles of VAT As and when VAT is introduced, there will not be any taxes such as sales tax octroi etc. the introduction of VAT will face a rough raise whether since the state governments are not willing to give up their rights to live tax such as...
VAT for Indian economy More than around 60 countries which switched out VAT and neighboring countries like Sri Lanka, and Bangladesh have also introduced VAT and hence the finance minister is very keen to introduce VAT in India so as to bringing about the much awaited tax reform ...
Advantages of VAT The major advantages of VAT will be achievement of simplification in the indirect tax system. The second advantage is easy administration since the dealers and manufactures will be issuing invoices which will be available for cross checking which in tern will reduce the propensity to...
MODVAT (modified value added tax) Introduction MODVAT—modified value added tax is a concept in central excise law introduced with effect from 1-3-86 and has gained momentum with more and more industries beginning to avail this facility. Even though the term MODVAT is not defined in central exercise...
Advantages of MODVAT The Government Exchequer has benefited after the introduction of MODVAT scheme since there is increase in revenue as more and more manufactures are beginning to pay excise duty so as to make the receivers of such duty paid inputs available MODVAT facility. The industry...
Pitfalls of MODVAT scheme Under the present system of indirect tax collection there are relaxations in procedural aspect and the MODVAT scheme tops the list. Though the scheme is to enable the manufactures to enjoy the facility after compiling with the prescribed procedure and documentation the actual result...
Highlight of CENVAT scheme: MODVAT credit scheme was introduced in 1986 vide rules 57A to 57U. CENVAT has been introduced w.e.f. 1-4-200 vide set of rules 57AA to 57AK. Credit of duty paid on input: The CENVAT scheme is principally based on system granting credit of...
Disadvantages of CENVAT Computation of exact tax content difficult: It became very difficult to know the real tax content in price of a product as product passes through various stages and tax is levied at each stage. Varying tax burden Tax burden on any commodity will vary...
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