Vat: Learn about Value-Added Tax

Learn about Value-Added Tax (VAT ), a levy on goods/services at each production stage, how it impacts your finances, and why it's crucial for global economies. Note 1. Micronutrients and plant growth promoter or regulators are not covered by the scope of this Part. Note 2.The Rules for the interpretation of the Central Excise Tariff Act, 1985, read with the Explanatory Notes as updated from time to time published by the Customs Co-operation Council, Brussels, shall apply for the interpretation of this Part. Note 3. Where any commodities are described against any heading or, as the case may be, sub-heading, and the aforesaid description is different ... What is VAT ? Value Added Tax ( VAT ) is an indirect value added tax which was introduced into Indian taxation system on 1st April 2005. A value-added tax ( VAT ) is a consumption tax levied on a commodity whenever it adds value at any point in the supply chain, from production to sale. A value-added tax ( VAT or goods and services tax (GST), general consumption tax (GCT)) is a consumption tax that is levied on the value added at each stage of a product's production and distribution. VAT is similar to, and is often compared with, a sales tax. VAT is an indirect tax, because the consumer who ultimately bears the burden of the tax is not the entity that pays it. Specific goods and services are typically exempted in various jurisdictions. Products exported to other countries ...