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May 10, 2023

INTRODUCTION

An indirect tax is a tax which is collected by one entity in the supply chain process and paid to the government of the country, but it is passed to the customer as part of the purchase price of a product or service. The customer is ultimately pays the tax by spending more for the goods and service. Value added tax, service tax, goods and service tax etc. are some of the examples of the indirect taxes. Value added tax (VAT) was introduced in 1973 and it is now third largest source of revenue for the government after income tax and national insurance. The given project is divided into four tasks. First task involves information regarding VAT sources, registration requirements etc. Second task includes information regarding VAT returns, third task involves VAT penalties and adjustments for earlier errors and the last task contains the details regarding communication of VAT informations.

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