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The high seas are the seas or open salt water more than three miles from the coast of any country and most states claim territorial jurisdiction over the seas within three miles from their coast but beyond that three miles the high seas are said to be free and no value added tax is applicable and the English courts have jurisdiction to try any offences commited anywhere on the high seas in a British ship.
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Whether vat is applicable on sale of sand and cement?
whether vat is applicable for sand & bricks
Is vat on credit sales debited to vat output?
yes because credit sales contains vat
Is vat tax included in the gross sales?
Yes. Gross sales = Net Sales + VAT
What are VAT rates applicable on bleaching powders in the states of India?
14.5% are VAT rates applicable on bleaching powders in the states of India.
What is vat rates when selling goods from Maharashtra to Haryana?
Vat is not applicable. because it is a interstate sale. so only cst is applicable . cst 2%. along with form 'c'...if form 'c' is not provided by the buyer, then state vat is applicable...
What is the journal entrie for sales on account?
debit accounts receivablecredit sales revenue
Merits and demerits of vat?
Merits:1. No Tax Evasion2. Ensured Neutrality3. Transaction based System(i.e., it is applicable to all Sales.. that is the simple equation is follows Net VAT payable = Vat on Sales - Vat on Purchases)4. Transparency5. Multi-point Taxation6. Eliminates Cascading Effect7. Self policing System.-----------------------------------------------------------------------------------------------------Demerits:1. Varying VAT Rates2. No Credit against other Taxes3. Increase in tax administration cost4. No Discrimination between Rich and Poor.
Is vat applicable on high seas purchase in West Bengal?
Taxes are usually only applied at the point of purchase when ships or aircraft are in territorial waters. The High Seas are not territorial waters and therefore no taxes should be applied at the point/time of purchase.However if you then try and import goods into a country at the end of your journey, the contry into which you are taking the goods will apply appropriate taxes to those goods that exceed your duty free allowance.
What is vat on a house sale?
VAT (Value Added Tax) is generally not applicable to residential property sales in many jurisdictions, including the UK, where most home sales are exempt from VAT. However, VAT can apply to certain new builds or commercial properties, where it may be included in the sale price or charged separately. It's important for buyers and sellers to understand the specific tax implications based on their location and the type of property involved. Consulting with a tax professional or real estate expert can provide clarity on any VAT obligations.
Why you use vat 47?
we are using vat 47 fordeclare our goods for sales
What is vat 240?
It is an anual audit report the data or sales& purchase transfared from vat 100 &vat 120.
Does debtors control have VAT?
Debtors control itself does not involve VAT; it is an accounting term that refers to the management of amounts owed to a business by its customers. However, when a sale is made and the debtor is invoiced, VAT may be applicable on that sale, impacting the overall financial transaction. Therefore, while the debtor's account tracks amounts due, VAT is related to the sales transaction and must be accounted for separately.
