i want some detailds of vat?
450223
Its value added tax.The goods are taxed on a progressive scale.Octroi is exempted on such goods.The necessities are taxed a lower rate whereas the luxury products are taxed a high rate.
1032933
CURRENT DEBATES ON THE VALUE ADDED TAX\n\nThe merits and demerits of the VAT are widely debated. Four arguments have been put forward in favour of the tax:\n- Revenue Potential;\n- Neutrality in Implementation\n- Efficiency;\n- Simplification of the Tax System.\n\nRevenue Potential...\nThe VAT is appropriately described as a broad based tax. In its pure form, the tax is implemented with few zero-rated items and exemptions, which ensure that the tax base is comprehensive. Because the tax is levied on a buoyant base, it creates a valuable\nsource of revenue, particularly for countries with a limited income tax base and countries that encounter problems with the implementation of the property tax. \nNeutrality in Implementation...\nA single rate value added tax with few exemptions and zero rated goods is considered non-distortionary or neutral with respect to economic behaviour. Consumers are not encouraged to change their pattern of consumption as the tax is applied on a comprehensive base. Additionally, if VAT on capital goods is fully credited, firms are not encouraged to change their method of production.\nEfficiency...\nThe tax is economically efficient as it is levied on the value added and avoids the cascading effects of some indirect taxes. It replaces numerous inefficient, distortionary and badly administered taxes. The introduction of an entirely new tax system creates the opportunity to revamp the administrative mechanism for the existing tax system.\nSimplification of the Tax System...\nThe VAT replaces complicated systems of indirect taxes levied at various rates and administered by various institutions. In addition, the VAT helps with the reduction in tax evasion because the invoice system is used as a control mechanism through the audit trail it creates.\n\n\nThe disadvantages of the VAT are generally related to the difficulties of administering the tax and the distributional effects of the tax. In relation to the macroeconomic variables, VAT has a favourable impact on export earnings, but contributes to higher prices during the period of implementation.\n\n\nVAT and Macroeconomic Variables\n\nInflation...\nCountries have experienced higher rates of inflation with the introduction of VAT, generally associated with the higher dependence on indirect taxes and the process of shifting the burden of indirect taxes to the consumers. Ignoring variations in price and demand elasticities, it is generally argued that price\nrises by the net effect of the VAT. This rarely occurs in practice. The impact on price is further complicated as businesses may take the opportunity to increase prices for reasons not associated with the VAT.\nExports...\nExports are zero-rated in the VAT systems, which means that they are completely free from taxes. It is Eastern Caribbean Central Bank therefore argued that the VAT has a favourable impact on exports and could improve the country’s balance of\npayments.\nSome CARICOM countries have experimented with the implementation of VAT with varying degrees of success.
482930
If you are purchasing from an unregistered dealer you need to pay tax.\n\nNow the issue is VAT is introduced in most states so the implication can be worked out. If had purchased from a registered dealer you could have availed a set off.\n\nYou may also work out tax implication versus saving you made by purchasing from UR dealer
906037
Hi Pam,  go to www.accounting.com   there is an accounting forum where you can find what you need.
190056
Input VAT is the tax you pay on your purchases.\nOutput VAT is the tax you receive on your Sales..
854015
hmmm.. i have no freaking clue you lost me at VAT lol sorry
793044
For comparison of VAT of different States of India click on the link below\nhttp://www.allindiantaxes.com/vat.php\nFor VAT of other countries refer to VAT sites of countires concerned
823292
contat the irs at www.irs.gov and your state tax people. they have the tax charts and can tell you how much should be taken out.
917064
That depends on how he earnt it. If it was a salary payment or a payment under an employment or self-employment contract to an individual, then generally not. \n\nIf it came from the sale of goods or services which were subject to VAT, then yes, he does. HM Revenue & Customs will be able to advise.
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I don't agree....\n\nFirst off, let's suppose the purchase is of $100. And the sales tax is ten bucks extra. Because if the sales tax were included in $100, it would be $9.09.\n\n(Accrual basis - Sales Tax or VAT)\n\n(SALE)\nAR-Clients  $1,100 dr\nSales $1,000 cr\nSales tax - payable  $100 cr\n\n(COLLECTION)\nBanks - $1,100 dr\nAR-Clients  $1,100 cr\n\n\n(PURCHASE)\nInventory  $1,000 dr\nSales tax creditable $100 dr\nAP-Vendors $1,100 cr\n\n(PAYMENT)\nAP-Vendor $1,100 dr\nBank - $1,100 cr\n\n\n(Cash flow Sales Tax or VAT)\n\nBut did you really generate Sales Tax (or VAT) when you made the credit sale? \nThe answer is no. Normally you would create a special account, probably with the following description: (Sales Tax Witholding - Pending ). You would credit the account at the moment you made the credit sale. \nThen, you would debit the account when you actually receive the payment, against Sales Tax Witholdings - Payable.\nThis is also true, for purchases...\n\nFor example:\n\n(SALE)\nAR-Clients $1,100 dr\nSales  $1,000 cr\nSales tax witholdings - pending $100 cr\n\n(COLLECTION)\nBanks $1,100 dr\nAR-Client $1,100 cr\n\nSales tax witholdings - pending $100 dr\nSales tax witholdings - payable $100 cr\n\n\nFor example:\n\n(PURCHASE)\nInventory  $1,000 dr\nSales tax payable - pending  $100 dr\nAP-Vendors $1,100 cr\n\n(PAYMENT)\nAP-Vendor $1,100 dr\nBank - $1,100 cr\n\nSales tax creditable $100 dr\nSales tax payable - pending  $100 cr\n\n\nI hope this information is still usefull to you...\nIf this is not what you were looking for send me a message!
62201
visit site.... http://www.expatsingapore.com/once/taxes.shtml
785159
Ok.  Got a car? Insurance, tax, petrol.  No car.  Ok Bus? bus fare.  How about the odd taxi ride.  How about things you might need for work? tools, paper, pens.\nIf you were a business of course you would need to think about business rates, buying stock and selling stock etc as well.  Try looking on the Inland Revenue site.  There might be some advice or lists on there somewhere.\nC ;)
782917
http://www.dh.gov.uk/assetRoot/04/07/14/53/04071453.PDF
126161
Go to the tax department in va.
1027544
Ask a tax professional I'm sure they'll be able to tell you.
345629
My country does not have VAT at present but the government will introduce it 1st jan 2007.
822868
Click on the link below for VAT rates and refer to VAT Schedule of Gujarat as VAT is leviable on specified products \nhttp://www.allindiantaxes.com/vat-gujarat.php