Discuss (b) integrated property tax

The VAT Act, 2052 (1996) — the consumption's modern tax (the revenue collection's giant): The principle: the value-addition's stage-by-stage credit — every seller charges the output tax and credits the input tax, remitting the difference (the invoice's trail as the self-enforcing machinery); The registration: the turnover threshold (the mandatory registration; the voluntary face below); The rates: the standard rate (the Finance Act's annual adjustments); the zero-rating (the exports) + the exemptions (the essentials); The collection's cycle: the monthly returns (the e-filing era); the input-credit machinery (the credit's conditions; the blocked credits on the exempt side); the refunds (the exporters' lifeline); The enforcement: the audit-and-reassessment; the offences (the fake-invoice industry; the registration frauds) — the penalties-and-prosecution ladder; The federalism face: the divisible pool's core — the VAT's sharing among the three levels (the IGFA's rules — Unit 2's machinery) — the federalism's financing anchor. (The full technical depth — the credit mechanism's worked examples, the invoice discipline, the fraud's schemes — is LAW 309's Unit 5: cross-read.)