Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

prakash sahay (advocate)     01 July 2012

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

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



Learning

 1 Replies

V.Devananda Narasimham (Advocate)     04 July 2012

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.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register