A study on trader’s perception about value added tax (VAT) in readymade garments with special reference Toretailers in Coimbatore city

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International Journal of Development Research

A study on trader’s perception about value added tax (VAT) in readymade garments with special reference Toretailers in Coimbatore city

Abstract: 

Value Added Tax, also known as Goods and Service Tax (GST) proves to be beneficial for the government. Through implementation of this tax system, government can raise revenue invisibly, where the tax is not shown on the bill paid by the buyer. Producers and distributors typically pass the cost of the VAT to the final customer in the form of price increase. Due to simplicity of the VAT system, the entire taxation system on consumer products and services has become easier. India, as a country has always been a leader of fashion and style. From the past, our textile and way of garments have been colorful and graceful. In these modern days people wear clothes not just to cover their introversion, but they have become of outfits in all sorts of combinations. Fashion forecasting towards garments is becoming much more difficult. In today’s world, whether it is a food or clothing, readymade is a buzz world. As for as clothing is concerned most of the garments like shirts, trousers, salwar kameez, sportswear, casual wear and so on are widely accepted as readymade garments for children, men and women are available in variety of size and materials. The VAT is fall on readymade garments at 4 percentage rate under Schedule 1 Part B Section 3. This paper focuses on the implementation of VAT on readymade garments.

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