https://www.taxtmi.com/article/detailed?id=5368 Amendments permit the State to constitute the VAT Tribunal with a chairman and up to three members; reframe Advance VAT so the State may notify goods for advance payment and treat advance VAT as counted toward final tax liability rather than as input tax credit, removing reversal consequences applicable to input credits; introduce a rebuttable presumption about imported goods intended for sale; allow applications for exemption from advance VAT to the Commissioner or designated officer; and create an optional scheme for manufacturers or first importers to pay VAT on printed MRP, with invoicing and deduction restrictions and exemption for subsequent purchasers. en-us Fri, 29 Nov 2013 06:29:23 +0530 Fri, 29 Nov 2013 06:29:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5368 Amendments permit the State to constitute the VAT Tribunal with a chairman and up to three members; reframe Advance VAT so the State may notify goods for advance payment and treat advance VAT as counted toward final tax liability rather than as input tax credit, removing reversal consequences applicable to input credits; introduce a rebuttable presumption about imported goods intended for sale; allow applications for exemption from advance VAT to the Commissioner or designated officer; and create an optional scheme for manufacturers or first importers to pay VAT on printed MRP, with invoicing and deduction restrictions and exemption for subsequent purchasers. Articles Value Added Tax - VAT and CST Fri, 29 Nov 2013 06:29:23 +0530 https://www.taxtmi.com/article/detailed?id=5368