Working with VAT

VAT and Business Terms

To make things simpler, it is better to use the official terms. If you want to use your own terms, you will confuse yourself and get things wrong, annoy the VAT Department and perhaps pay penalties for incorrect VAT Returns or using the wrong words in official letters. So to make VAT easy, here are the commonly accepted terms used in this book.

 

AED—Additional Excise Duty.

CST—Central Sales Tax.

CENVAT—Central VAT, also known as Central Excise Duty.

CSD—Canteen Stores Department of Defence Forces where goods are supplied tax free.

GST—General Sales Tax replaced by VAT. In future GST may stand for Goods and Services Tax.

HUF—Hindu Undivided Family.

EEC—European Economic Union, the former name of EU.

EU—European Union ...