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| *Ostroff, Fair and Company>>>India Taxes |
May i know about taxes? especially types of taxes & related to VAT? |
concepts of Taxes & types of taxes with their brief description. discussion about V A T To seriously know that you have to get 'Students guide to income tax'... for income taxes and 'service tax' by any author for service tax. VAT stands for value added tax and it is charged on the value created at each stage in the trade process. this means that if a mfg sellers to another trader rs 100 article, rs 10 is tax ( i think prevailing tax rate is 10% with 2% cess) then the seller will sell to another dealer at 150 his tax will be 15rs minus what he has already paid ie output tax minus input tax so his liability will be rs 5. there are few different tax rates for VAT you need to confirm with an accountant or CA, or just browse on google, there are so many sites devoted to VAT Source(s): brain i don't know. Concept of VAT is to equalise the state levies so that business is not lost by one state to another. The consumer need not bother about the tax rates since under VAT there is uniformity in taxation when two states under VAT are compared chandramouli |
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