Value Added Tax (VAT) Services

Value Added Tax (VAT) Services

GST is a broad based and a single comprehensive tax levied on goods and services consumed in an economy, GST is levied at every stage of production-distribution chain with applicable set offs in respect of the tax remitted at previous stages, It is basically a tax on final consumption. To put a single place, GST may be defined as a tax on goods and services, which is leviable at each point of sale or provision of service, in which at the time of sale of goods or providing the services the seller or service provider may claim the input credit of tax which he has paid while purchasing the goods or procuring the service.

It is seen as panacea for removing the ill-effects of the current tax regime, prevalent in the country. If adopted and implemented.GST may neutralize the existing problem of taxes being levied on top of taxes.

This system is basically designed to simplify current level indirect tax system. It integrate the union excise duties, custom duties, service taxes and state VAT into single levy known as GST. GST may be rightly termed as national level VAT on goods and services with only one difference that in this system not only goods but also services are involved and the rate of tax on goods and services are generally the same.

Value Added Tax Consultancy (VAT)

We also offer VAT consultancy services. Value added tax (VAT), or goods and services tax (GST), is a tax on exchanges. It is levied on the added value that results from each exchange for example sales. However it is different from the sales tax because a sales tax is levied on the total value of the exchange. VAT is neutral with respect to the number of passages that there are between the producer and the final consumer. A VAT is an indirect tax and is collected from someone other than the person who actually bears the cost of the tax. The customer pays for it but is collected from the seller. To avoid double taxation on final consumption, exports (which by definition, are consumed abroad) are usually not subject to VAT and VAT charged under such circumstances is usually refundable.

Value Added Tax is a multi point sales tax with set off for tax paid on purchases. It is basically a tax on the value addition on the product. The burden of tax is ultimately born by the consumer of goods. In many aspects it is equivalent to last point sales tax. It can also be called as a multi point sales tax levied as a proportion of Valued Added.

The Consultancy Services offered include:

Solutions

Indirect Tax (VAT or GST)

VAT, GST Sales & Use Tax, and other transactional taxes are broadly based taxes on transactions, and liability will arise regardless of profitability. Failing to account for these taxes correctly can have a significant impact on business costs and cash flows. Deloitte specialists work with both businesses and the public sector.

Deloitte can help with timely planning and the application of technology-based compliance management solutions, thereby helping to reduce costs, reduce risk, and increase the confidence that nothing has been missed.

G.S.T & Value Added Tax

Value Added Tax is a multi point sales tax with set off for tax paid on purchases. It is basically a tax on the value addition on the product. The burden of tax is ultimately born by the consumer of goods. In many aspects it is equivalent to last point sales tax. It can also be called as a multi point sales tax levied as a proportion of Valued Added.

The firm has diverse VAT and GST experience with extensive interactions with both the Central and the State Governments in India.

The Goods and Services Tax (GST) is slated for introduction in India in April 2010. The GST is seen as the single most important tax reform initiative in India since independence. The GST is proposed to apply to both goods and services, covering virtually all sectors and industries. It will replace the complex system of levies on goods and services at the Central and State levels.

Broadly for taxation purpose , sales can be divided into:

While the VAT on first head i.e. Local sales , is levied by the state government as per their respective VAT laws, taxability of inter-state sale under second head is with in the preview of central government.

Delhi VAT has become applicable since 1.4.2005: Every trader , manufacturer or dealer who has achieved the specific turnover is required to get themselves registered with the VAT authorities.

For traders / manufacturers in Delhi, provide following services:

Value Added Tax (VAT)

VAT

What Rishab Gupta & Company Offers

We also offer VAT consultancy services. Value added tax (VAT), or goods and services tax (GST), is a tax on exchanges. It is levied on the added value that results from each exchange for example sales. However it is different from the sales tax because a sales tax is levied on the total value of the exchange. VAT is neutral with respect to the number of passages that there are between the producer and the final consumer. A VAT is an indirect tax and is collected from someone other than the person who actually bears the cost of the tax. The customer pays for it but is collected from the seller. To avoid double taxation on final consumption, exports (which by definition, are consumed abroad) are usually not subject to VAT and VAT charged under such circumstances is usually refundable. Value Added Tax is a multi point sales tax with set off for tax paid on purchases. It is basically a tax on the value addition on the product. The burden of tax is ultimately born by the consumer of goods. In many aspects it is equivalent to last point sales tax. It can also be called as a multi point sales tax levied as a proportion of Valued Added

The Consultancy Services offered include: