PROJECT REPORT ON Macroeconomic impact of implementation of vat in Odisha PREPARED & SUBMITTED BY MR. SAGAR NAYAK U212049 ABSTRACT Value added tax (VAT) is a type of indirect tax that is imposed on goods and services. A question that arises is whether value added tax has been a boon or misery for a developing country like India. Around 136 countries in Asia have recognized the importance of value added tax. In one of the most large scale reforms of the country’s public finances in
Premium Value added tax Tax Indirect tax
According to Businessdictionary.com‚ value added tax (VAT) is define as Indirect tax on the domestic consumption of goods and services‚ except those that are zero-rated (such as food and essential drugs) or are otherwise exempt (such as exports). It is levied at each stage in the chain of production and distribution from raw materials to the final sale based on the value (price) added at each stage. It is not a cost to the producer or the distribution chain members‚ and whereas its full brunt is
Premium Value added tax Marketing Tax
goods. * The standard and concessional rate of GST on goods for the first three years from the date of implementation of GST would be Services are however likely to be taxed @16% (8+8) under the GST regime. DIFFERENCE BETWEEN GST AND THE CURRENT INDIRECT TAX REGIME? * With the introduction of GST‚ the taxable event would shift to supply of goods and services. Thus‚ even branch transfers would be subject to GST. * Under GST‚ the cascading effect‚ that is‚ tax on tax‚ would be removed. The
Premium Tax Indirect tax Value added tax
every transaction as the accounts audited for checking the validity of their claims. No I don’t agree with the trader who oppose VAT because VAT is the key to develop common domestic market through removal of trade barriers and simplification of indirect taxes and VAT
Premium Tax Taxation in the United States Taxation
Science Mr. Shahid Ahmed‚ Implementation of VAT: Pakistan ’s Experience Pakistan Economic Survey 2011-2012‚ Highlights FBR (March 2012)‚ FBR Quarterly Review Muhammad Aamir (2011)‚ Determinants of Tax Revenue: A Comparative Study of Direct taxes and Indirect taxes of Pakistan and India 8|Page Exhibits Exhibit 1: Tax-GDP ratio Exhibit 2: Gini coefficient 9|Page Exhibit 3: Tax Revenue vs. Non-Tax Revenue Exhibit 4: 10 | P a g e Exhibit 5: 11 | P a g e
Premium Tax Value added tax Taxation
surcharge increased from 5 percent to 10 percent. 7. The additional surcharges will be in force for only one year that is Financial Year 2013-14. 8. Rajiv Gandhi Equity Saving Scheme eligibility limit raised from Rs. 10 lacs to Rs. 12 lacs. Indirect Taxes: 1. No change in the peak rate of basic customs duty of 10 percent for non-agricultural products. No change in the normal rate of excise duty of 12 percent and the normal rate of service tax of 12 percent. 2. Reduction in duty on specified
Premium Taxation in the United States Tax Taxation
Commerce Lab - Practical Question Bank FACULTY OF COMMERCE‚ OSMANIA UNIVERSITY ----------------------------------------------------------------------------------------------------B.Com (All Streams) III Year BUSINESS LAW Time: 60 Minutes Record : 10 Skill Test : 20 Total Marks : 30 1. What is the difference between an agreement of a house property and a Sale Deed? 2. Draft a model Agreement for the sale of a plot of 200 sq.yards with imaginary particulars. 3. Draft a Sale Deed of a 2
Premium Good Goods International trade
RESEARCH PROPOSAL BY GROUP 26 THE EFFECTS OF HIGH RATES OF TAXES ON INDIVIDUALS AND CORPORATE INSTITUTIONS‚ (A CASE STUDY OF THE ACCRA METROPOLIS) Background of the study Government revenue is one of the major criteria through which many governments and states finance their developmental and economic projects. In most case the revenue to the government comes through the tax revenue or through the taxation of indigenes personal incomes and income to corporate institutions. In Ghana‚ revenue to the
Free Tax Taxation Value added tax
TAX REFORMS IN INDIA * About :- Tax reform is the process of changing the way taxes are collected or managed by the government. Tax reformers have different goals. Some seek to reduce the level of taxation of all people by the government. Some seek to make the tax system more progressive or less progressive. Others seek to simplify the tax system and make the system more understandable‚ or more accountable . Numerous organizations have
Premium Tax Taxation Indirect tax
IMPORTANT BANKING TERMS 1. Balance of Trade : The value of a country’s exports minus the value of its imports. Unless specified as the balance of merchandise trade‚ it normally incorporates trade in services‚ including earnings (interest‚ dividends‚ etc.) on financial assets. 2. Balance of Payments : A list of all of a country’s international transactions for a given time period‚ usually one year. Payments into the country (receipts) are entered as positive numbers‚ called credits; Payments
Premium Tax Money Bank