What is the meaning of admitted v.a.t.

advocate

dear Sir

In Bihar industrial policy the connotation Admitted V.A.T. has been used and not Admitted TAx.

Please explain me the difference between the two and the definition of  Admitted V.A.T.

Thanks Prakash Saahy

 
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Brother,

I think the reason for such a specific word use is to avoid disputes. Admitted VAT means value added tax admitted in the monthly or annual return against your declared turnover at the appropriate rate of tax. According to VAT system of taxation  tax on value added portion is payable by a dealer as tax, if he is not a 1st seller within the state. The  word admitted tax generally used in the pre VAT period when the goods are taxable at the point of 1st sale and subsequent sales points are exempted.

 
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