You are previewing Working with VAT.
O'Reilly logo
Working with VAT

Book Description

How To Deal With Vat is a step-by-step book that introduces you to this new system of taxation, and shows you how to register for it, and how to calculate and pay it without tears! More than a hundred frequently asked questions on VAT are answered in this book and it ends with the text of the White Paper on VAT and the list of all Vatable goods.

Table of Contents

  1. Cover
  2. Title Page
  3. Contents
  4. Dedication
  5. Foreword
  6. VAT and Business Terms
  7. Preface
  8. 1. VAT’s Happened a Year Later?
    1. Vat A Relief
    2. Teething Problems
    3. Taxing Big Brands, How’z Vat?
    4. Tax Growth
    5. Different Rates In Different States
    6. Inter-State Trade
    7. Some Important Issues
    8. Vat’s The Agenda?
    9. Vat A Boost!
    10. Single Tax
    11. Vat’s The Score?
    12. Stirring The Vat To Delay The Tax
  9. 2. VAT a Success!
    1. Vat Not New
    2. How Is Vat Different From Sales Tax?
    3. Ending Inspector Raj
    4. Why Traders Fear Vat
    5. Vat Is User-Friendly
    6. Why Industrialists Feared Vat
    7. Why Exporters Feared Vat
    8. Why Customers Feared Vat
    9. What Are The Problems In Introducing Vat?
    10. Is Vat Good For India?
  10. 3. VAT’s New?
    1. The Vat Net
    2. Bills/Cash Memos Compulsory
    3. Vat Found Worldwide
    4. Vat—Salient Features
    5. Calculating Vat
    6. Vat Versus Sales Tax
    7. Taxable And Exempt Supplies
    8. Input Tax And Output Tax
    9. Informing People
    10. What Is Vatable?
    11. Basic Vat Rates
    12. Uniform Rates
    13. Tax Payer’s Identification Number (Tin)
    14. Taxable Turnover
    15. Who Pays Vat?
    16. Vat Bill Or Invoice
    17. Credit Note
    18. Vat On Opening Stocks
    19. Filing Vat Returns
    20. For Small Businesses
    21. Vat Audit
    22. No Declaration Form
    23. Dealing With Tax Raids
    24. Business Particulars
    25. Vat Penalties And Fines
    26. Lot More Paperwork
    27. Simpler And Transparent
  11. 4. VAT’s the New Game?
    1. The Vat Chain
    2. Calculating Vat
    3. Goods Under Vat
    4. Taxable And Exempt Supplies
    5. No Vat On Exports
    6. Vat On Imports
    7. Vat On Services
    8. Incentives For Industrialists
    9. Other Taxes
    10. Compulsory Issue Of Tax Invoice, Cash Memo Or Bill
    11. Tax Invoice
    12. Credit Note
    13. Customer’s Pan Number
    14. Carrying Over Of Tax Credit
    15. Inputs From Other State(s)
    16. Vat On Capital Goods
    17. Vat On Stocks
    18. For Small Businesses
    19. Business Particulars
    20. Vat Documents
    21. Vat Penalties
    22. Vat Registration Certificate
  12. 5. Working with VAT
    1. Vat Returns
    2. Issuing Tax Bills And Invoices
    3. Simplified Tax Invoices
    4. Value For Tax
    5. How Vat Is Misused
    6. Vat Account
    7. Vat Accounting For Inter-State Supplies And Taxes
    8. Treating Vat In Books Of Account
    9. Capital Goods
    10. Unregistered Traders
    11. Loss Of Goods In Transit
    12. Vat On Trade
    13. Vat For Works Contracts
    14. Zero-Rating
    15. Supplies Made In Preparation Of Goods For Exports
    16. Zero-Rated Goods
    17. Input Tax Deduction Exclusions
  13. 6. Registering for VAT
    1. Business Registration Threshold
    2. Taxable Turnover
    3. Applying For Registration
    4. Registering For Vat
    5. Conditional Registration
    6. Compulsory Registration
    7. Registration Certificate (Rc)
    8. Group Registration
    9. Business Particulars For Vat
    10. Who Collects And Pays Vat?
    11. Defining A Manufacturer
    12. When Is Vat Payable?
    13. Collecting Vat
    14. De-Registration
    15. Sale Of Business As A Running Concern
    16. Vat On Closing Down A Business
  14. 7. VAT Returns Made Easy
    1. Self-Assessment Of Vat Liability
    2. Vat Audit
    3. No Declaration Form
    4. Assessment If No Return
    5. Best Judgement Assessment
    6. Wrong Calculations
    7. Audit Or Inspections
    8. Cooperation From Traders
    9. Rectification Of Clerical Mistake
    10. Clarification From Vat Office
    11. High Court Appeal
    12. Supreme Court Appeal
  15. 8. Accounting for VAT
    1. Types of Sales
    2. No Input Tax Credit
    3. Important Conclusions
    4. Accounting System
    5. VAT Accounting On A Computer
  16. 9. VAT or Very Apt Tax
    1. India Has Done Better
    2. Korean VAT Campaign
    3. High Penalties
    4. How Much VAT Do They Pay Abroad?
  17. 10. Frequently Asked Questions
    1. Value Added Tax
    2. Vat Account
    3. Tax Invoices
    4. Tax Point
    5. Account Books And Records
    6. Input Tax
    7. Output Tax
    8. Input Tax Credit
    9. Vat Paid To Other Countries
    10. Zero-Rated/Exempt Goods Or Services
    11. Group Registration
    12. Registration For Head Office And Branches
    13. Registration
    14. Retailers And Wholesalers
    15. Export Of Goods
    16. Import Of Goods
    17. Foreign Embassies
    18. New Registration
    19. Credit Card Payments
    20. Sale Of Fixed Assets
    21. Advance Payments/Deposits
    22. Vat Inspection
    23. Works Contracts
    24. General Vat Applications
  18. 11. VAT Rules and Schedules
    1. Extracts From The Preface
    2. A White Paper On State-level Vat
    3. 1. Justification Of Vat And Background
    4. 2. Design Of State-level Vat
    5. 3. Steps Taken By The States
    6. 4. Related Issues
    7. List Of Vatable Goods
    8. First Schedule: Exempted Goods
    9. Second Schedule: Goods Taxed At One Per Cent
    10. Third Schedule: Goods Taxed At Four Per Cent
  19. Epilogue
  20. Acknowledgements
  21. Copyright