posted by Rahul Chimanbhai Mehta Rrg

SoMoKe's VAT maths . 1. Say you like goods and agree on price of Rs 1000 , and EXCISE is 10%. And say you decide to sell it to next trader for Rs 20 profit. Now say I refuse to pay EXCISE to govt. Then what will be your net profit / loss? . 2. Say you like goods and agree on price of Rs 1000 , and VST is 10%. And say you decide to sell it to next trader for Rs 20 profit. Now say I refuse to pay VAT to govt. Then what will be your net profit / loss? . 3. And say I have sold goods worth Rs 1000 to a buyer , who also happens to be your client. Say I disappear without paying VAT. Why may it reduce your sales? . And SoMoKe's VAT maths will become GST maths when GST comes. Same rules apply except that VAT is 12% , but GST will be 25% !!! . Now GST of 25% is revenue nuetral because it subsumed excise, service tax, vat, cst etc etc . USA is trying to impose VAT in ALL countries across world. But USA doesnt have VAT !! It still uses income tax and wealth tax only. .

by Rahul Chimanbhai Mehta Rrg



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by Rahul Chimanbhai Mehta Rrg at January 14, 2015 at 09:49AM

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