Amazing Facts to Know about VAT Consultants

KOLKATTA, India - Nov. 27, 2014 - PRLog -- Everyone has probably noticed the word VAT in the bills. But what does VAT actually mean? It means Value Added Tax. Tax is the sum of money that you need to pay as per the rules of government at a certain time.

Everyone is well aware that you need to pay VAT for purchasing any kind of commodities or services.  It is regarded as the general tax which is evaluated on particular items. This is termed as indirect tax that you need to compensate for the consumption of such commodities. This tax is basically based on the assessment of the products or goods and does not take account of profits.

Furthermore, tax consultant in Kolkata (http://www.bkagarwalaandco.com/income-tax.html) uses their wealth of knowledge to provide counseling services to wide range of clientele. They make sure that their taxes are paid in the most efficient manner and gain from any kind of tax benefits and exemptions. They update themselves with varying tax laws and give details about intricate legislation to their clients in easy way.

In India, the VAT was started back in 1^ST April 2005. All retailers or suppliers charge tax after the process of input tax credit. Haryana was the first state to take initiative and implemented the taxation on 2003. But presently VAT has been adopted by 33 states along with the Union Territories. The only states or union territories that hasn’t yet started the VAT system are Lakshadweep and Andaman and Nicobar Islands.

However, each state has its own mode to evaluate the tax liability from traders that falls under the confines of VAT. In addition, Central government has set consistent rates. Central Value Added Tax is presently having a rate of 12%. Some luxury goods are not liable for VAT and charge an additional CENVAT of 27%.

Also, VAT consultants can work in conformity by making sure that they meet their client’s tax responsibility by organizing tax computations or any other obligatory forms. They can suggest their clients on how to cut down their tax liabilities.

For more information visit our website - http://www.bkagarwalaandco.com/