At present every businessman whether he is small dealer or big manufacturer is confused about the VAT. In VAT tax is collected at each time the good is resoled or when value has been added. The mechanism of VAT is such that for goods that one consumed will pay tax at every point, First seller pays the first point, and the next sell pays the tax only on the value addition done leading to a total tax burden exactly equal to the last point tax. Since 1st April, 2005 in India 21 states and all union territories are following VAT. In the present book each and every aspect of the tax as VAT is discussed in detail.
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