abhishreshthaa
New member
THE STEPS TAKEN BY THE STATES:
The states have discussed the issue from time to time and have attempted to reach consensus on ‘uniformity’ at least on certain matters like classification of goods, rates of tax etc.
Some states have published Drafts of VAT Laws and rules.
They are in the process of enacting laws and framing Rules.
METHOD TO BE FOLLOWED BY THE STATES FOR IMPOSING VAT:
The states have proposed to follow Invoice method for implementing VAT. Accordingly, based on the invoice, credit or set-off would be allowed of the tax paid on purchase.
The states have discussed the issue from time to time and have attempted to reach consensus on ‘uniformity’ at least on certain matters like classification of goods, rates of tax etc.
Some states have published Drafts of VAT Laws and rules.
They are in the process of enacting laws and framing Rules.
METHOD TO BE FOLLOWED BY THE STATES FOR IMPOSING VAT:
The states have proposed to follow Invoice method for implementing VAT. Accordingly, based on the invoice, credit or set-off would be allowed of the tax paid on purchase.