PP 12
PP 12
PP 12
VAT in India covers only tax on sale of goods within the state
and services are not included in India.
JUSTIFICATION OF VAT
In the VAT a set off is given for input tax as well as tax paid on previous
purchases.
Overall tax burden will be rationalized and prices in general will fall.
VAT helps common people, traders, industrialists and also the Govt.
VAT is a modern, simple and transparent tax system that will replace the
existing sales tax and eliminate the cascading effect of sales tax.
Cont.
Turnover less than Rs.5 lakhs are outside the purview of VAT.
22 Indian states have drafted the VAT Act for their states.
State loss will be calculated as the difference between the
average growth of sales tax in a state in the last three years and
what the state actually collects under the VAT
TAXREVENUE/GSDP
SALES TAX/GSDP
Andhra Pradesh
7.28
3.16
Assam
4.33
2.62
Bihar
5.05
3.16
Gujarat
7.67
4.82
Haryana
7.29
4.08
Karnataka
8.15
4.93
Kerala
8.01
5.95
Madhya Pradesh
5.83
2.57
Maharastra
7.15
4.35
Orissa
4.70
3.05
Punjab
6.30
3.15
Rajasthan
6.04
3.23
Tamil Nadu
8.57
5.51
Uttar Pradesh
5.01
2.72
West Bengal
3.83
2.57
Phase out non-vat able central sales-tax and entry taxes to integrate
Indian market.
Cont
Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.
Alternative Proxies: