https://www.taxtmi.com/article/detailed?id=1097 The Act sets multiple VAT rates by schedule and identifies zero rated supplies eligible for input tax credit or refund subject to conditions and a 180 day lapse for unclaimed credits. Registered dealers must issue triplicate invoices with TINs, round tax to the nearest rupee, and pay tax by prescribed banking or treasury modes. Turnover definitions determine taxable turnover after specified deductions, notably for works contracts (including subcontractor payments and apportioned labor charges). Dealers may opt for compound schemes for works contracts or small scale second sales, with corresponding input credit restrictions. en-us Mon, 17 Jan 2011 21:01:39 +0530 Mon, 17 Jan 2011 21:01:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1097 The Act sets multiple VAT rates by schedule and identifies zero rated supplies eligible for input tax credit or refund subject to conditions and a 180 day lapse for unclaimed credits. Registered dealers must issue triplicate invoices with TINs, round tax to the nearest rupee, and pay tax by prescribed banking or treasury modes. Turnover definitions determine taxable turnover after specified deductions, notably for works contracts (including subcontractor payments and apportioned labor charges). Dealers may opt for compound schemes for works contracts or small scale second sales, with corresponding input credit restrictions. Articles Value Added Tax - VAT and CST Mon, 17 Jan 2011 21:01:39 +0530 https://www.taxtmi.com/article/detailed?id=1097