INTERVIEW QUESTIONS TAX VALUE ADDED TAX DETAILS

Question: What are the distinct features under the VAT Act?

Answer: Self-assessment without conditions, One time registration without renewal, non-changing TIN irrespective of change of place of business, non-production of accounts annually for the purpose of assessment, simplified low rate structure, removal of salesmen permit, Input Tax Credit, abolition of additional levies like SC, AST, RST, self-declaration for Industrial Inputs in lieu of Form XVII, Input Tax Credit for Capital goods and opening stock, and refund for exporters (zero rate sellers) are the distinct features under the VAT Act.

Self-assessment without conditions, One time registration without renewal, non-changing TIN irrespective of change of place of business, non-production of accounts annually for the purpose of assessment, simplified low rate structure, removal of salesmen permit, Input Tax Credit, abolition of additional levies like SC, AST, RST, self-declaration for Industrial Inputs in lieu of Form XVII, Input Tax Credit for Capital goods and opening stock, and refund for exporters (zero rate sellers) are the distinct features under the VAT Act. Source: CoolInterview.com

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