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What is objectives of VAT?

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posted Jun 14 by Raghav Choudhary

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1 Answer

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The objective for introducing VAT are-

  1. To avail credit on inputs leading to cost efficiency.
  2. Ensure equitable distribution of tax impact among st dealers.
  3. Easy compliance through transparent and easy procedures exist under it and only two rates are there.
  4. Easy computation of tax.
  5. Avoids double taxation through input rebate.
  6. Prevents distortions in trade and economy through uniform tax rates.
  7. Calculation Easy and Simple
  8. Transparency
  9. Increased Tax Base
  10. Competitive Price
  11. Uniform Tax Structure
  12. More Revenue
  13. NO Revenue Leakage
  14. Avoids Double Taxation
  15. Co-ordination of VAT with direct taxation
answer Jun 14 by Prachi
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