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Discussion > Taxation > VAT > What is the meaning of admitted v.a.t.   Unanswered Threads Post New Topic

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prakash sahay


advocate
[ Scorecard : 72]
Posted On 01 July 2012 at 08:06 Report Abuse

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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V.Devananda Narasimham


Advocate
[ Scorecard : 214]
Posted On 04 July 2012 at 18:14 Report Abuse

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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