Sapna Kapoor
The much-awaited Value-Added Tax (VAT) has been introduced in Indian Taxation System from April 1, 2005. Now, India is a part of other 123 countries following VAT led by UK in 1973. It is said that four years is a very short period in introducing VAT in the country as compared to ten years, on an average, by other countries. VAT is most certainly a more transparent and accurate system of taxation. The existing sales tax structure allows double taxation thereby, ...