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Description
This article seeks to provide an insight into the transition into the VAT regime from the sales tax regime. The basic purpose is to examine how the implementation of VAT changes the rules of the game for businesses in India. It also attempts to bring forth the key strengths and fallacies of the new system.
Beginning April 1, 2005, a new concept in the Indian indirect taxation system, VAT has been introduced. Value Added Tax (VAT) is a destination-based taxation system where the tax is levied at multiple points on the value addition at each stage. It removes the cascading effect of taxes by introduction of a system of Input tax credit.
VAT is the biggest tax reform measure in India since independence. Let us hope that the transition would be successful and will pave the way for a more efficient and competitive business environment in India.
Keywords
VAT Implementation and its Consequences,system, taxation, business, environment, credit, implementation, article, transition, measure,
