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As name itself explains, Tax charged only on the added value of the product rather than total value. He removes cascading effect---> Makes goods cheaper. What is the benefit to govt.?---->increases tax compliance as bill culture is kind of imposed.
I have often wondered that VAT is applicable only on the Value added, right?
Thats what we read everywhere. But whenever I have paid VAT, I have paid it on the final amount!
Say, I goto a restaurant and the bill is Rs. 1000. Now They charge me VAT on the full amount of Rs. 1000
According to theory, if they have spent Rs. 400 on the raw material and have "added value" of Rs. 600, so that it costs me Rs. 1000, shudnt I be paying my bill on the Rs. 600 rather than the whole amount of Rs. 1000?
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Comments
Thats what we read everywhere. But whenever I have paid VAT, I have paid it on the final amount!
Say, I goto a restaurant and the bill is Rs. 1000. Now They charge me VAT on the full amount of Rs. 1000
According to theory, if they have spent Rs. 400 on the raw material and have "added value" of Rs. 600, so that it costs me Rs. 1000, shudnt I be paying my bill on the Rs. 600 rather than the whole amount of Rs. 1000?
Please help clear this dilemma!