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Q: What is the name applied to goods on which vat is not levied?
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Is VAT fixed?

The rate of VAT, and on which items and goods it is to be levied on, is decided by the Chancellor of the Exchequer and the Government.


What is the percentage of VAT levied in India for electronic goods?

electronic items


VAT in south Africa is levied on most goods and services at a standard rate?

Currently, the VAT rate in South Africa, is set at 14%.


Can businesses offset customs duty against VAT payments?

Customs duty is levied at the time of importation of goods in a country. Import VAT is levied on goods after Custom clearance and hence VAT will be calculated on the value which already includes the customs duties paid by the importer. Besides, in most countries VAT and Customs are two different authorities with their own rules and regulations. Thus, VAT will be paid in addition to the customs duties of the goods, and it is not possible to offset one against other. We at Accountantsbox, support clients in assessing the impact of VAT on their business and comply with VAT law.


What is duty (as in tax)?

Tax is a broad term & duty is a part of tax.......Tax levied on person, product, services & assets for example-INCOME TAX levied on person,VAT levied on sale of products,SERVICE TAX levied on providing taxable services, WEALTH TAX levied on assets..........Genrally DUTY levieble on goods for example-EXICE DUTY levieble on manufaturing of goods, CUSTOM DUTY levieble on import & exports of goods...........................Sachin gupta from jhalawar (RAJASTHAN)


Is VAT direct or indirect?

VAT is an indirect tax as it is based on a tax applied to the manufacture or sale of goods and services. Basically, VAT is mainly added to and paid for by a customer when making a purchase.


What is difference between tax and duty?

Tax is a broad term & duty is a part of tax.......Tax levied on person, product, services & assets for example-INCOME TAX levied on person,VAT levied on sale of products,SERVICE TAX levied on providing taxable services, WEALTH TAX levied on assets..........Genrally DUTY levieble on goods for example-EXICE DUTY levieble on manufaturing of goods, CUSTOM DUTY levieble on import & exports of goods...........................Sachin gupta from jhalawar (RAJASTHAN)


What is the VAT in the UK?

The Value Added Tax (VAT) is a tax on consumer spending in the United Kingdom. The VAT is a form of consumption tax, and it is applied to most goods and services. The VAT is a tax on consumer spending in the United Kingdom. The VAT is a form of consumption tax, and it is applied to most goods and services. The VAT is charged at the rate of 20% on most goods and services. If you need any help regarding your VAT, we are happy to help you. For more information, you can contact us at: Proactive Consultancy Group - TPCGUK or Call us at : +44 207 193 7072


What is the percentage of VAT levied in India for mobile phones?

12.5 percent


What is vat payable?

Vat payable is the amount of vat collected on behalf of the tax authority and payable to them. In other words vat payable is an output vat levied on organisation's customers through the organisation's sales invoices for onward remittance to the tax authority subsequently.


Is VAT on goods sold and services rendered input VAT?

TRUE


When was VAT applied in maharashtra?

2004