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Training program on “Value Added Tax-Know How” by Mr. M.M. Bhasin - Chartered Accountant This oriented the resource person to emphasize on those details and issues, which are mainly needed by entrepreneurs. Although the presentation was holistic in nature it covered all the aspect related to VAT and even went on to discuss about other sales tax laws. This was followed by a preview of those goods and items, which are exempted, from VAT such as agriculture implements, books & periodicals, handlooms, raw wool etc. Mr. M M Bhasin discussed about the implication of VAT in today scenario and it’s usage. The training was consisting of various types of practical discussions based on the practicality of VAT, it’ merits and demerits and defined VAT as Tax liability - Input Tax credit. The resource person discussed about the concerns and fears among the traders, vendors, and suppliers arising out of the implementation of VAT. He also discussed about the implementation of VAT in other states and how the traders perceive it. He provided the entrepreneurs relief when he said that small level enterprises with a turnover less than 10 lakhs are not required to abide VAT rules. He briefed the entrepreneurs about the various tax slabs like 1%, 4%, 12%, 20% etc. The entrepreneurs came up with some query in the form of question that they asked to the resource related to VAT. The question ranged from how could VAT effect their business, turnover, sales, and the flow of finance in the market. The entrepreneurs shared their experience about the VAT so far. They discussed about how they have been using the VAT, as very brief information is available about it with everybody. All the entrepreneurs felt a need to gain more knowledge about VAT so that it doesn’t affect their business. The entrepreneurs participated in the programme enthusiastically and gained very useful information about VAT. |