VAT – VAT is the Local Sales Tax. It is a tax on final consumption of goods. à Credit on VAT paid – A manufacturer is entitled to get tax credit on the taxes paid by him on the inputs purchased by him within the state. Whereas a dealer is entitled to get tax credit on the taxes paid by him on the purchases of the items for resale. à A registered Manufacturer or a Dealer gets an 11 digit TIN no.(Tax Identification Number) . Those who don’t have TIN are called Unregistered Dealers. VAT returns are to be submitted in particular Sales Tax Authorities (STA’s) monthly. à Components of VAT – a) VAT, b) Additional VAT (ADVAT)
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