Question

explain sales tax and value tax properly full different and there formula ...

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Answer 1

Answer:

VAT And Sales Tax Calculation

VAT or value added tax has recently been subsumed by the Goods and Services Tax, also known as GST. Earlier VAT was paid by the original producer when the said goods or services reached the end consumer!

Taxation is the process of an authority levying tax on various goods, services and transactions. Taxation is one of the foremost powers held by the government, at the state as well as central level.

VAT or Value Added Tax

VAT is tax on consumption of goods and services which is paid by the original producer when these goods and services are transferred to their ultimate consumers. VAT forms an essential part of the GDP of any country and as such is an extremely important type of tax. Every seller of goods and provider of services charges VAT from customers which in turn is paid to the government.

Main Features of VAT

Uniform rates are applicable to goods in the tax system. For example, televisions of a particular brand sold in West Bengal will have the same VAT as those sold in Himachal Pradesh unless controlled by the respective state governments

VAT is levied at successive stages of production and distribution of goods and services

It is collected at each stage of sale of goods and as such the end user does not need to pay the whole VAT amount

VAT alleviates the cascading effect and as such related economic distortions

VAT introduces fairness and uniformity in the process of taxation

VAT ensures better tax compliance and reduces chances of tax evasion

Transparency in sale of goods and services is encouraged by VAT

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Answer 2

Answer:

federalism is a system of government in which the power is divided between the central authority and various constituent units of the country