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Indirect Tax Laws

Notes Turnover: The aggregate of the sale prices in respect of sales of any goods in the course of inter-
State trade or commerce, made during any prescribed period.
VAT Registrant: This is a taxable person registered to charge VAT on supplies to consumers.

14.7 Review Questions

1. What is Value Added Tax?
2. Describe the features of Value Added tax.
3. Describe the method of Computation of VAT.
4. What are the benefits of VAT?

5. Critically evaluate VAT as applied in various states of India.
6. Elucidate upon the main advantages and disadvantages of VAT.
7. Discuss CENVAT and its advantages.

8. Elucidate upon the sales tax in case of export from and import to India.
9. Explain the differences between VAT and CST.
10. What is VAT classification vouchers report?

Answers: Self Assessment

1. Sales Tax 2. Cascading
3. Retail 4. Credit

5. VAT 6. VAT
7. 15 8. Domestic
9. Goods 10. Tax
11. Supplementary 12. Business

13. 550 14. Taxable
15. Tax

14.8 Further Readings

Books Ahuja, Dr. Girish & Gupta, Dr. Ravi, Direct Taxes Law & Practice including Tax
Planning, 18th Edition 2008-09, Bharat Law House Pvt. Ltd.

Chanchal Kr Nag, Direct & Indirect Tax Laws & Practice, NCB Agency.
Singhania, Dr. Vinod K. & Singhania, Dr. Kapil, Direct Taxes Law & Practice with
Special Reference to Tax Planning, 41st, Edition 2009-10, Taxman’s.

VS Datey, Indirect Tax Laws, CHH India.
Yogendra Bangar Vandana, Direct & Indirect Taxes Planning & Management, Aadhya
Prakashan.

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