Vat

Introduction

Valued Added Tax (VAT) is a very important matter of today’s life. Everybody comes across some aspects of VAT in this site of his daily life and professional life. Be it an industry or any business house or any government or non-government office, there lies either the need for paying VAT or deducting VAT at source. All retail buyers require knowing the need for and importance of taking VAT Chalan. So, it is important for everyone to obtain basic knowledge on VAT. It is more important for them whose decisions matter for their businesses and industries.

People dealing with management, finance and VAT in different businesses and industries require to know many things regarding VAT, some of those matters are tricky in nature and some are general. Industries, business houses and authorities empowered to deduct VAT at source very often find themselves in troubles because of tiny lapses which could have been easily avoided had they had basic knowledge regarding 




VAT. Questions like: 
>Who requires taking VAT registration? 
>What are the rates of VAT? 
>When VAT becomes payable? 
>What is Turnover Tax and Cottage Industry? 
>Where input tax credit is not allowed? 
>How to face a VAT audit and an irregularity or evasion case? 
>How to maintain books of accounts? 
>How to submit VAT returns? 
>How refund and drawback is to be taken? 
>What are the offences and penalties if provisions of VAT Act and Rules are violated? 
are common concerns – the answers to those may not be obtained instantly causing sufferings to them.

This basic site is designed to provide all concerned primary, structural knowledge based on which they can find solutions to many of their queries themselves. Thus, the participants would be able to protect their businesses and industries from many would-be troubles and they would be able to contribute to the sound fiscal management in their businesses, industries and offices.

How participants will benefit after the this site:
The purpose of this site is to provide the participants basic and structural knowledge regarding all aspects of VAT. 

Methodology

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Contents of  this Site:

Part-1

Chapter 1

Value Added Tax Act, 1991-Section 1-8

Exercise: Form-Mushak-6, 7

Questions and Answers

Part-2

The Value Added Tax Act, 1991

From Section: 9 to Section 36

Exercise : Form Mushak-1

Exercise : Form Mushak-1

Questions and Answers

Part-3

The Value Added Tax Act, 1991

From Section: 37 to Section 54

Exercise : Form Mushak-1kha

Exercise : Form Mushak

Questions and Answers

Part-4

The Value Added Tax Act, 1991

From Section: 55 to 73

Three Schedules

Exercise : Form Mushak-11

Exercise : Form Mushak-12kha

Questions and Answers

Part-5

The Value Added Tax Rules, 1991

From Rules: 01 to 23

Exercise : Form Mushak-16

Exercise : Form Mushak-17

Questions and Answers

Part-6

The Value Added Tax Rules, 1991

From Rule: 24 to 43

Exercise : Form Mushak-18

Exercise : Form Mushak-19

Questions and Answers

Part-7

Chapter-4:VAT Deduction at Source (VDS)

What is VDS

VDS withholding authorities

Outline of VDS General Order/Guideline

VDS Tips: For Services: Tips 1-5

VDS Tips: For Goods: Tips 6-10

Chapter-5: VAT on Traders

Questions and Answers

Part-8

Chapter-6: Warehousing Rules

Chapter-7: Contractual Production

Chapter-8: Questions and Answers

Chapter-9:SRO,GO,SO, Explanation

Chapter-10: Practical Guideline

Chapter-11: Miscellaneous

Questions and Answers

Part-9

The Value Added Tax and Supplementary Duty Act, 2012 (New VAT law)

Background

Enactment

Differences between the existing and the upcoming VAT laws

Preparations for implementation

Chapter-1: Introduction

Chapter-2: Registration and Enlistment

Chapter-3: Imposition of VAT

Chapter-4: Procedure of VAT Realization

Chapter-5: Assessment and Payment of VAT

Chapter-6: Invoices and other documents

Chapter-7: Supplementary Duty

Chapter-8: Turnover Tax

part-10

Chapter-9: Return Submission

Chapter-10: Carry Forward

Chapter-11: Tax Determination

Chapter-12: VAT Authority

Chapter-13: Audit and Investigation Chapter-14: Arrear Recovery

Chapter-15: Records

Chapter-16: Offences and Penalties

Chapter-17: Appeals and Revisions

Chapter-18: Miscellaneous