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Tax
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Submitted by Peeyush Gupta
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It is clear that VAT encourages voluntary compliance and self assessment. An environment of trust is created where the focus can now be on trade rather than on compliance. Compliance with laws will be automatic.
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Read more... [Winning with VAT !]
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Tax
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Submitted by Peeyush Gupta
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In the VAT system, it may seem that the 4 tax rates are higher (0%, 1% 4% and 12% across all states) as against sales tax,
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Read more... [Under VAT, how will the tax outlay reduce?]
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Tax
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Submitted by Peeyush Gupta
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No you do not need to disclose the profit margins on the invoice and similarly, you will never know the profit margins on any transaction along the transaction chain.
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Read more... [Do I need to disclose the profit margins on the invoice?]
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Tax
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Submitted by Peeyush Gupta
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Under Sales Tax, it seems that the end consumer pays only that portion of the tax on the value of the goods of his final purchase.
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Read more... [Why should the end consumer pay all the tax?]
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Tax
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Submitted by Peeyush Gupta
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In the VAT system, thought tax is levied at every stage - from manufacturer to the end consumer - it is levied only on the basic cost + value add / margin and not on the VAT component, at every stage.
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Read more... [Why is vat called a "transparent tax"?]
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Tax
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Submitted by Peeyush Gupta
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In the Sales Tax regime, sales tax is levied on the full value of the goods, at every stage of the manufacturing chain – from raw materials to finished goods. This means that sales tax is levied on basic cost + value add/profit margin + sales tax paid earlier.
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Read more... [Why Sales Tax is called a “hidden cost”?]
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Tax
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Submitted by Peeyush Gupta
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VAT will herald-in uniform tax rates across the country, simplify procedures, help lower prices by eliminating the cascading effects of taxation, reduce total tax outlay and improve cash flows.
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Read more... [Discover how VAT heralds an era of transparency.]
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