Download - Tax ppt 2016-VAT
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POWER POINT PRESENTATIO
N ON TAX
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GROUP MEMBERS ABHISHEK RAJ -66
AKANCHHA- 68 RAJ RAYMOND-92 SHYMAL MAJUMDAR-102 RAVI KUMAR-108
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TOPICWhat is VAT ?What are the advantages and disadvantage of VAT also discuss the method of computation of VAT?
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CONTENTS• INTRODUCTION• ADVANTAGES• DISADVANTAGES• FEATURES• METHOD OF COMPUTATION OF VAT• DIFFERENCE BETWEEN SALES TAX AND VAT
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INTRODUCTION OF VAT
Value added tax (VAT) is an indirect tax , which is imposed on goods and services at each stage of production, starting from raw materials to final product.
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ADVANTAGES OF VAT Self assessment under VAT Fall in price Simple calculations Transparency Fairness in the taxation system Less declaration forms
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FEATURES OF VAT Levied on value addition Multi point taxing Tax invoice Supersedes sales tax Goods under VAT Registration
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DISADVANTAGES OF VATHeavy compliance costBogus invoicesNO ITC for inter-state purchasesDisadvantageous for lower income group
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METHOD OF COMPUTATION OF VAT
•Addition method•Invoice method/tax credit method•Subtraction method /value addition method
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ADDITION METHOD
•Suitability•Demerit•Computation
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INVOICE METHOD
SuitabilityMeritsComputation
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SUBSTRACTION METHOD/VALUE ADDITION METHOD
•Direct subtraction method•Intermediate subtraction method
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DIFFERENCE BETWEEN SALES TAX AND VAT
• Base• Double taxation• Rate of taxes• Input tax credit• Computation
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CONCLUSION• Value added tax, also known as goods and services tax or GST proves to be beneficial for the government.• Value added tax can also be recovered.
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