We offer Maharashtra VAT consultancy services. Value added tax (VAT), or goods and services tax (GST), is a tax on exchanges. It is levied on the added value that results from each exchange for example sales. However it is different from the sales tax because a sales tax is levied on the total value of the exchange. VAT is neutral with respect to the number of passages that there are between the producer and the final consumer. A VAT is an indirect tax and is collected from someone other than the person who actually bears the cost of the tax. The customer pays for it but is collected from the seller. To avoid double taxation on final consumption, exports (which by definition, are consumed abroad) are usually not subject to VAT and VAT charged under such circumstances is usually refundable.
Value Added Tax is a multi point sales tax with set off for tax paid on purchases. It is basically a tax on the value addition on the product. The burden of tax is ultimately born by the consumer of goods. In many aspects it is equivalent to last point sales tax. It can also be called as a multi point sales tax levied as a proportion of Valued Added.
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