Principles of VAT


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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 sales tax , octroi etc.

 

The VAT in simple form implies tax on sales minus purchases. It is for the person who paying the VAT to prove the cost of goods purchased by producing the relevant invoice and to pay tax base on the value declared in his invoice while clearing the goods

 


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