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Value Added Tax Interview Questions & Answers - Learning Mode
COOLINTERVIEW.COM TAX INTERVIEW QUESTIONS VALUE ADDED TAX INTERVIEW QUESTIONS QUESTIONS & ANSWERS - LEARNING MODE

Value Added Tax Interview Questions & Answers - Learning Mode

The Sales Tax is the most important source of revenue of the state governments; every state has their respective Sales Tax Act. The tax rates are also different for respective states. Tax imposed by Central government on sale of goods is called as Sales tax same is called as Value added tax by state government.VAT is additional to the price of goods and passed on to us as buyer (end user). Around 220+ Items are covered with VAT.VAT rates vary based on nature of item and state. Government is planning to merge service tax and sales tax in form of Goods service tax (GST).

Try Value Added Tax Interview Questions & Answers - Exam Mode

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Value Added Tax Interview Questions & Answers - Learning Mode
Try Value Added Tax Interview Questions & Answers - Exam Mode
Question: What is Taxpayer Identification Number (TIN) in Value Added Tax (VAT)?

Answer: The registration number allotted to the dealers is popularly known as TIN i.e. Taxpayer Identification Number. This is a eleven digit number to be quoted in all VAT transactions and correspondence. Source: CoolInterview.com
Question: How will the refund be issued to the exporters (dealers who effect zero rate sale)?

Answer: The dealer who claims refund due to zero rate sales may file an application in Form D1 to the assessing authority along with copies of the purchase invoices of related goods. After verification the assessing authority will issue refund within 90 days from the date of receipt of application in Form D1.

If the excess amount is not refunded within ninety days, whatever may be the reason, the assessing authority will issue refund along with interest at the rate prescribed in the Act. If the d Source: CoolInterview.com
Question: Whether deferral and waiver will continue?

Answer: Yes, by application for continuance to the Assistant Commissioner concerned, Waiver unit may opt for deferral on application. Source: CoolInterview.com
Question: What is the Registration fee for Value Added Tax (VAT) Registration?

Answer: The registration fee for Value Added Tax (VAT) is Rs.500/- for principal place of business and Rs.50/- for each additional place of business. (Branches, Godowns). No Security Deposit is necessary for Registration, for dealers. There is no renewal of registration under VAT and it is permanent till it is cancelled by the Department or on stoppage of business when reported by the dealer. No security deposit is necessary for Registration. Source: CoolInterview.com
Question: What are the taxes that will be replaced by Value Added Tax (VAT)?

Answer: General Sales Tax, Resale Tax, Surcharge, Additional Sales Tax will be replaced by VAT. The Central Sales Tax Act, 1956 regulating the inter-state transactions of sale and purchase will continue. The Entry Tax on Vehicles and Goods will continue. Source: CoolInterview.com
Question: Is there any time-limit to claim the Value Added Tax (VAT) Input Tax Credit?

Answer: Yes. In the case of goods held in Closing stock on 31.12.20015,the time-limit is within 30 days from the date of commencement of the VAT Act, that is, before 1.2.20016.In the case of other goods, it is three years. Source: CoolInterview.com
Question: Who are Dealers under Value Added Tax (VAT)?

Answer: A Dealer is a person who purchases, sells, supplies or distributes the goods in the course of his business for valuable consideration. The Value Added Tax (VAT) Act includes:-

(1) Local authority, Company, Hindu undivided family, Association of persons, Firm

(2) Casual trader, factor, commission agent, delcredere agent, auctioneer, local branch of the firm or company situated outside the State

(3) Person who effects transfer of property in goods other than by way of sale
Source: CoolInterview.com
Question: What is Reversal of Input Tax Credit in Value Added Tax (VAT)?

Answer: Reversal of Input Tax Credit in Value Added Tax (VAT) means reduction of Input Tax Credit to nullify input tax credit wrongly claimed and availed. Source: CoolInterview.com
Question: What is Tax invoice in Value Added Tax (VAT)?

Answer: Tax invoice in Value Added Tax (VAT) is popularly known as bill, which should contain details of sale such as name and address of the purchaser with his TIN, name of goods, quantity of goods sold, its value etc. and tax rate and amount charged separately. This invoice / bill is to be issued in duplicate, the original for purchaser and duplicate to be retained by the selling dealer. Source: CoolInterview.com
Question: Will there be any Random Check of Accounts in case of Value Added Tax (VAT)?

Answer: Yes. The Commissioner of Commercial Taxes, may select assessments not exceeding 20% of total self assessments in the State for detailed check of accounts. The details of such selection shall be placed on notice board in the assessment circle and in the department websites The accounts which are selected for detailed check shall be called and checked by assessing authority. After check, the assessing authority either accept and confirm the self assessment already passed or revise the assessment. Source: CoolInterview.com
Question: Will there be Input Tax credit for all Capital Goods?

Answer: Yes, but not for all. Goods notified by the Government are not eligible for Input Tax Credit which are under the negative list and not eligible for the Capital Goods purchased before 1.1.2007. Source: CoolInterview.com
Question: What is the procedure to be adopted to claim input tax credit for the goods held in closing stock?

Answer: A registered dealer who claims input tax credit for the goods held in closing stock shall furnish details of inventory with details of input tax paid to the assessing authority within thirty days from the date of the commencement of the Act along with Photostat copy of the related purchase invoices / bills in the prescribed form. The dealer can take the credit and deduct it from tax payable on sale immediately from January 2007. The dealer shall adjust the credit within six months. After adjustm Source: CoolInterview.com
Question: Whether dealer registered under Tamil Nadu General Sales Tax Act, 1959 has to apply for Tax Identification Number (TIN)?

Answer: All registered dealers under TNGST Act 1959 whose registration is in force shall be provided with TIN automatically without any fee. But after receipt of TIN, the dealers have to file application for obtaining certificate of registration under VAT. Dealers may get TIN, download application and file the details of the application online in the websites ?www.tnsalestax.com, or www.tnsalestax.gov.in or www.tnvat.gov.in to speed up the process of registration. Source: CoolInterview.com
Question: What is Value Added Tax (VAT)Input Tax?

Answer: Value Added Tax (VAT) Input tax is the amount of tax paid on local purchases by a registered dealer to another registered dealer. Source: CoolInterview.com
Question: What are rates of tax under Value Added Tax (VAT)?

Answer: The rates are 1%, 4% and 12.5% on goods eligible for input tax credit. Source: CoolInterview.com
Question: How to apply for Registration of Value Added Tax (VAT)?

Answer: On Introduction of Value Added Tax (VAT), a new dealer shall file an application in the specified form along with fee as detailed above to the registering authority in whose jurisdiction, his principal place of business is situated with a sufficiently stamped self addressed enveloped, with necessary documents required in the application form. Source: CoolInterview.com
Question: What are the distinct features under the VAT Act?

Answer: Self-assessment without conditions, One time registration without renewal, non-changing TIN irrespective of change of place of business, non-production of accounts annually for the purpose of assessment, simplified low rate structure, removal of salesmen permit, Input Tax Credit, abolition of additional levies like SC, AST, RST, self-declaration for Industrial Inputs in lieu of Form XVII, Input Tax Credit for Capital goods and opening stock, and refund for exporters (zero rate sellers) are the d Source: CoolInterview.com
Question: How is the Value Added Tax (VAT) assessment made?

Answer: All the VAT assessments are self-assessments as all returns filed are to be accepted. The dealers need not appear before assessing authority or produce the accounts for annual assessments. The assessing authority shall accept the returns filed by the dealer and pass assessment order after the assessment year is over. The orders shall be served on dealers in the manner prescribed in Rules. Source: CoolInterview.com
Question: How is the Value Added Tax (VAT) Certificate of Registration issued in Tamilnadu?

Answer: The Registered Authority shall acknowledge the receipt of application filed by the dealer. Thereafter, he shall issue certificate of registration within 30 days from the date of receipt of application. In order to speed up the process of registration one can utilise the e-services through web sites of the department www.tnsalestax.com, or www.tnsalestax.gov.in or www.tnvat.gov.in. Source: CoolInterview.com
Question: Can a dealer claim Value Added Tax (VAT) Input Tax Credit for goods sold in Inter-State trade?

Answer: Yes. It can be claimed only when those sales are effected to the Registered dealers of other State against Form C. Source: CoolInterview.com

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