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Value Added Taxation

Value Added Taxation
Value Added Taxation
Service Code : 21
Value Added Taxation

Overview


At the time of sale of goods the seller has to charge the Value Added Tax/Sales Tax on the value of goods from the buyer. The tax so collected shall be deposited in the authorized banks on behalf of the department within a specified time limited prescribed in the Act.

At present most states of India have replaced local sales tax with VAT. The VAT is not much different from local sales tax regime except that it captures value addition at each level of distribution network. The State VAT, as introduced by the states, continues to be a tax on sale of goods and does not include taxation of services.

Services Offered at PSC
  • Sales Tax Registration
  • Preparation of Sales Tax Returns
  • Calculation of monthly sales tax liability and deposition of the same
  • Reconciliation of the sales tax challans with books of accounts
  • Value Added Tax Audit
  • Sales Tax Assessment.