Principles of VAT
Principles of VAT As and when VAT is introduced, there will not be any taxes such as sales tax octroi etc. the introduction of...
Elements of Direct and Indirect Taxes
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VAT for Indian economy
VAT for Indian economy More than around 60 countries which switched out VAT and neighboring countries like Sri Lanka, and Bangladesh have also introduced...
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Advantages of VAT
Advantages of VAT The major advantages of VAT will be achievement of simplification in the indirect tax system. The second advantage is easy administration...
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MODVAT
MODVAT (modified value added tax) Introduction MODVAT—modified value added tax is a concept in central excise law introduced with effect from 1-3-86 and has...
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Advantages of MODVAT
Advantages of MODVAT The Government Exchequer has benefited after the introduction of MODVAT scheme since there is increase in revenue as more and more...
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Pitfalls of MODVAT scheme
Pitfalls of MODVAT scheme Under the present system of indirect tax collection there are relaxations in procedural aspect and the MODVAT scheme tops the...
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Highlight of CENVAT scheme
Highlight of CENVAT scheme: MODVAT credit scheme was introduced in 1986 vide rules 57A to 57U. CENVAT has been introduced w.e.f. 1-4-200 vide set...
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Disadvantages of CENVAT
Disadvantages of CENVAT Computation of exact tax content difficult: It became very difficult to know the real tax content in price of a product...
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Background of CENVAT
CENVAT (central value added tax) Background of CENVAT CENVAT (central value added tax) has its origin in the system of VAT, which is...
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Inputs eligible for CENVAT
Credit will be available of duty paid on (a) raw materials (excluding some items ) (b) Material used in relation to manufacture like consumables...
