VAT Rules in India

In India, the introduction of Value Added Tax (VAT) in 2005 was an important landmark for the nation’s tax system. VAT, a kind of indirect tax, has been set at 12.5 percent and is normally collected by shopowners. Its revenue ultimately adds to the government’s earnings.

More about VAT rules in India
There are several rules regarding the imposition and collection of VAT in India.

Some of them are as follows:
Power of circle-in-charge
Collection of advance tax
Reverse credit
Payment of tax
Input tax credit
Intra-state stock transfer
Deduction of tax at source
Return and scrutiny
Refund of tax
Audit and assessment
Taxable turnover
Appeal and revision
Payment of tax, interest and penalty
Special mode of recovery
Declaration of open stocks
Issuance of tax clearance certificate


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