What is a Tax Invoice ?

A tax invoice is an invoice issued by a registered dealer to another dealer which shows tax payable or paid to the government. The dealer who receives the tax invoice may a registered dealer or unregistered dealer. It is a legal document. You mustĀ possess a purchase tax invoice if you want to claim Input tax credit at the time of submitting return to the commercial tax department. Every state has its on commercial tax departments and its own rules for

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Concept of VAT,What is Value Added Tax, Input VAT&Output VAT

What Is Value Added Tax ( VAT) VAT is a multi-point destination based system of taxation, with taxes being levied on the value added at each stage of transaction in the production/ distribution chain. The term ‘value addition’ implies the increase in value of goods and services at each stage of production or transfer of goods and services. VAT is a tax on the final consumption of goods or services and is ultimately borne by the consumer. To know moreĀ about

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