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| *The Commerce Journal>>>Other Taxes |
What is VAT system? |
I wish to know the meaning of VAT and it's merits and demerits? VAT refers for Value added tax. It is a structure of indirect tax. VAT should be paid by dealer and concerned dealer it eligible to get credit of tax paid by previous dealer. MERITS: There is no scope for evasion. For taking credit , a dealer required invoice of purchase DEMERITS:Dealer required to maintain up to date books of accounts & File return in time It's terrible! |
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