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Vat rate in india state wise!
Value Added Tax And Its Application In India
What is VAT?
Value added tax is a tax applied to the incremental value of goods and services added in every stage of production or distribution cycle.
Firstly, the amount of value addition is identified, and then tax is levied on the same. It is applicable only to the interstate purchases and sales. The application of VAT has helped traders, businessmen and government by encouraging transparency in the sale of goods and services at the minutest level.
The then Finance Minister, P.
Chidambaram released a white paper in January 2005, asking for a commitment by the states for implementation of the State VAT laws from 1st April, 2005.
Guiding Authority – Each state has its own VAT laws guided by an Empowered Committee, working under the Ministry of Finance for proper implementation and levying.
This is needed so that a uniform structure can be maintained in the country.
Who PAYS? – Categorized as an indirect tax, value added tax is borne by the end consumer, whose liability can be easily transferred along the cycle, reducing the
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