Value Added Tax (VAT) has emerged as one of the most important fiscal innovations of the present century. As many as 90 countries have switched over to VAT during the last decade and a half bringing the total number of VAT countries to more than 141. India has adopted a system of dual VAT: Cen VAT at the federal level and state-VAT at the state level. Haryana was the first state to replace its sales tax by VAT on April 1, 2003. Majority of states (18 states) ...