by Audit Analyst | Jan 20, 2026 | Value Added Tax
Nature of Free Samples under VAT Free samples are goods distributed without consideration to promote a product or brand These are commonly used in pharmaceuticals, cosmetics, FMCG, and promotional campaigns Since there is no monetary sale, the transfer of property may...
by Audit Analyst | Jan 20, 2026 | Value Added Tax
Understanding Service-cum-Goods Contracts under VAT These contracts involve a combination of supply of goods and provision of services in a single agreement Common examples include construction, interior designing, fabrication, and installation contracts Under VAT...
by Audit Analyst | Jan 20, 2026 | Value Added Tax
VAT Department The business owner must submit an application for cancellation of VAT registration to the concerned state VAT office The application should mention reasons for closure, such as discontinuance, transfer, or merger Notification must be made within the...
by Audit Analyst | Jan 20, 2026 | Value Added Tax
VAT Registration for Retail Outlets Retail outlets engaged in the sale of taxable goods had to register under VAT if their turnover exceeded the threshold (usually ₹5 to ₹10 lakh, depending on the state) Even small retail shops could opt for voluntary VAT registration...
by Audit Analyst | Jan 20, 2026 | Value Added Tax
Understanding Contract Manufacturing under VAT Contract manufacturing involves a principal sending raw materials or components to a job worker or manufacturer for processing or conversion The manufacturer processes the goods and returns the finish ed or semi-finished...
