Articles under Indian Tax Terms

Meaning of VAT Balance under Indian Tax

Posted on 10 June 2022

What is VAT Balance under Indian Tax   The details about VAT Balance under Indian Tax are explained here.  VAT Balance: In nutshell VAT Balance Means Output Tax minus Input Tax In simple words input tax is the tax paid by a dealer on local purchases of business inputs, which include goods that he purchases for resale, raw materials, capital goods as well as    other inputs for being used directly or indirectly in his business.  Output tax is t

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Meaning of Value Chain in VAT system

Posted on 10 June 2022

What is Value Chain in VAT system under Indian Tax   This post explains about Value Chain in VAT system. Value Chain A value chain is a high-level model developed by Michael Porter used to describe the process by which businesses receive raw materials, add value to the raw materials through various stages or processes to create a finished product, and then sell that end product to customers. Companies conduct value-chain analysis by looking at every production step r

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Term Value-added tax (VAT) under Indian Tax

Posted on 10 June 2022

What is Value-added tax (VAT)under Indian Tax   The details about Value-added tax (VAT)under Indian Tax are explained here Value-added tax (VAT): Value-added taxation in India was introduced as an indirect value added tax (VAT) into the Indian taxation system from 1 April 2005. The existing general sales tax laws were replaced with the Value Added Tax Act (2005) and associated VAT rules. VAT or Value Added Tax is a tax added to the goods at each stage of the produ

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Value Added Tax (VAT) at Central and State level means

Posted on 10 June 2022

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

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Time of supply of goods and services under Indian Tax

Posted on 10 June 2022

Term Time of supply of goods and services under Indian Tax   This post explains about Time of supply of goods and services under Indian Tax. Time of supply of goods The liability to pay tax on goods shall arise at the time of supply, as determined in accordance with the provisions of this section. The time of supply of goods shall be the earlier of the following dates,   namely:— the date of issue of invoice by the supplier or the last date on&nb

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