Value Added Tax & Rules
- Online Registration.
- Filling of monthly returns and annual returns,under VAT 240.
- Maintenance of Records.
- Assessment & Hearing.
- Value Added Tax is a multi point sales tax with set off for tax paid on purchases.
- It is basically a tax on the value addition on the product.
- The burden of tax is ultimately born by the consumer of goods.
- In many aspects it is equivalent to last point sales tax.
- It can also be called as a multi point sales tax levied as a proportion of Valued Added.