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VAT on all imports.+A -A |
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Autor |
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Prithvi
Stammgast |
06:43
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#1
erstellt: 11. Jan 2007, |
Hi! As per today's TOI, the centre is thinking of adding a VAT of 12.5% on all imports. This will come into effect from the new financial year if passed. For sure it will be as they want to abolish the CST. So guys there goes the prices up by another 12.5% VAT. Very clever by our FM, he will have to reduce the basic customs duty by 5% but will make up for it somehwere. Mera Bharath Mahan, ![]() THis is going to make all products that are imported more expensive. |
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bhagwan69
Inventar |
08:38
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#2
erstellt: 11. Jan 2007, |
Sir, I am confused; If you pay the VAT on import or the VAT on sale, it amounts to the same thing. Let me explain :- When you buy a Dynaudio speaker from Sound Smiths for Rs. 100/- it is billed to you @ Rs. 100/- + 12.5 % VAT. When you sell it to Mr. X @ Rs. 125/-, you will bill Mr. X @ Rs. 125/- + 12.5 % VAT. The VAT you paid is Rs. 12.5 The VAT you collected is Rs. 15.625 Now, you will have to pay the difference of Rs. 15.625 - 12.5 = Rs. 3.125 a VAT. It is rather simple. |
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ani
Stammgast |
09:17
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#3
erstellt: 11. Jan 2007, |
In VAT system only the value adddition is being taxed. So the price will never go up by the % of VAT levied. Like in the example given by Bhagwan Value addition by dealer is Rs 25 and the increase in price to end user is only 25 * 12.5% = Rs. 3.125 We all should welcome VAT, it gets us rid of the cascading effect of taxation. warm regards Anil |
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Manek
Inventar |
13:50
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#4
erstellt: 11. Jan 2007, |
spot on Bhagwan...! ![]() manek. |
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Prithvi
Stammgast |
18:13
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#5
erstellt: 11. Jan 2007, |
Agreed Bhagwan & Anil, your spot on. Only hope that some day things are the same as other countries. VAT is very important and its the best thing that happend. ![]() |
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Amp_Nut
Inventar |
19:36
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#6
erstellt: 11. Jan 2007, |
YAH ! And makes Taxes Uniform so that others too feel the pinch that we have been paying in Maharashtra.... ![]() .... Maybe one day ..... |
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ani
Stammgast |
22:30
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#7
erstellt: 11. Jan 2007, |
Ampnut there is an unified tax rate for most of the comodities, but most states make use of the condition that the unified tax rate is the floor rate, induvidual states can chrarge higher rate of tax. Let us hope and pray that Excise duty as well as CST is wiped off and true VAT system impemented with an unified tax rate for all items except a few like sugar, wheat and rice ![]() |
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bhagwan69
Inventar |
12:09
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#8
erstellt: 12. Jan 2007, |
That is not possible. CST may go, and actually will. But Excise can never go. That will always remain. I would be happy to see all other indirect taxes go - octroi / CST etc. If the govt. removes Excise, it will go bankrupt. So that is very very difficult. |
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SNV
Stammgast |
16:38
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#9
erstellt: 12. Jan 2007, |
Precisely. Excise will remain. What should be abolished is octroi and CST. CST is going to be phased out in 4 years, starting with April 07. There will be a reduction of 1% every year. Goods should be allowed to move freely within the states without any requirements of various forms and documents. Infact certain analyst have worked out a strategy which proves that cst and octroi can be abolished and the same will be compensated by a slight increase in VAT, which will then remain uniform throughout the country. Also the duty should be reduced every year, which has been happening. They should get rid of the Special Additional Duty of 4%. (it really is SAD) Regards SNV |
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ani
Stammgast |
08:04
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#10
erstellt: 13. Jan 2007, |
Why shoudnt excise be phased out ? On average you pay ED @16% and VAT of 8% combine both and charge 24%. The industry need to keep only one account for input credit and output tax instead of CENVAT and VAT accounts. The revenue can be shared between the Central and Stste govts based on a suitable ratio. May be I am day dreaming ![]() ![]() Warm regards Anil |
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