www.aygrt.isrj.net Golden Research Thoughts A GUIDE TO VAT

The basis of this research is to study the impact of value added tax(vat)in India as well as across the India. The VAT is a tax on the final consumption of goods or services and is ultimately borne by the consumer although it is collected at every stage of production or distribution and a tax credit is granted at each stage for tax paid at the earlier stage in the chain of transfer sale of goods or services till it reaches the final consumer. It is chargeable at every point of sale/transfer of goods and services. The mechanism of VAT is quite simple and easy to understand. The states, who have not yet implemented the VAT, have to understand the problems being faced by the trading community at large and should implement the VAT as quickly as possible so as to reduce the concerns of trade. This would pave the way for initiating the steps for the introduction of the GST in a near future. it would be necessary to initiate the steps for ensuring a uniform value added tax law across the country which would then pave the wave for implementation of a common GST across the country