Meaning of Value Added Tax (VAT) at Central and State level
This post explains about Value Added Tax (VAT) at Central and State level.
Value Added Tax at the Central and the State level
Introduction of State VAT is an important and recent reform measure at State level. The State VAT has replaced the earlier Sales Tax systems of the States. VAT, being a ‘tax on sale or purchase of goods within a State’ is a State Subject by virtue of Entry 54 of State List of the Seventh Schedule of the Constitution of India.
Since VAT/Sales tax is a State subject, the Central Government has been playing the role of a facilitator for successful implementation of VAT. Some of the steps taken by the Central Government in this regard are as follows:
A package for payment of compensation to States for any revenue loss on account of introduction of VAT has been implemented. Financial support under Mission Mode Project (MMP) is being provided to States/UTs in order to enable them to take up computerization of their Commercial Tax Departments. A separate project for computerization of Commercial tax administration of Himachal Pradesh and Jammu & Kashmir has also been sanctioned. 50% funding is being provided to the Empowered Committee of State Finance Ministers for implementation of the TINXSYS Project for tracking of inter-State transactions.
The information on Value Added Tax (VAT) at Central and State level is detailed above. Comment below your thoughts on Value Added Tax (VAT) at Central and State level.
Learn Exports Imports Free, Click here
Click here to know GST rate of your goods or service
Valuation of GST under special cases
Valuation of GST Taxable supply
When to pay GST for supply of services?
When to pay GST?
GST on short supplied goods and services by nature
Impact of GST on imports in India
Applicable import duty after GST implantation
How to calculate IGST under imports?
Changes in IEC after GST
Linking IEC with GSTIN in customs
Import under EPCG after GST
What is Settlement Commission under GST
Term Separate registration for multiple business under GST
Meaning of term Self Assessed Tax under GST
What is Scrutiny of returns under GST
Meaning of GST Practitioner
Term Revenue neutral rate (RNR) under GST
Term Revocation of cancellation of registration under GST
What is returns mechanism under GST
Revised Threshold limit under GST
What is Reverse Charge under GST
How to book empty container for factory/CFS/ICD/port stuffing
How to calculate CBM in LCL export shipments:
How to calculate chargeable weight under airfreight in exports?
How to check the time of contract on high sea sale transaction?
How to Choose a product for export business
How to cover the risk of Cargo loss or damage
How to customs clear Cargo arrived in a port where in import license obtained for another port
How to differentiate BL and HBL?
How to differentiate CPT and DAP in shipping terms
How to import to India from Guyana?
How to export from India to Guyana?
How to export from India to Ghana?
How to export from Ghana?
How to import to India from Ghana?
How to Import to Ghana?
How to export from Georgia?