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Local Body Tax, popularly known by its abbreviation as LBT, is the tax imposed by the local civic bodies of India on the entry of goods into a local area for consumption, use or sale therein. The tax is imposed based on the Entry 52 of the State List from the Schedule VII of the Constitution of India which reads; "Taxes on the entry of goods into a local area for consumption, use or sale therein." The tax is to be paid by the trader to the civic bodies and the rules and regulations of these vary amongst different States in India. The LBT is now partially abolished as of August 1, 2015.

Specified risk material (SRM) is any of various tissues of ruminant animals that cannot be inspected and passed for human food because scientists have determined that BSE-causing prions concentrate there. The term was referred to in the United Kingdom's Specified Risk Material Order 1997 (S.I. 1997/2964), in the United States Department of Agriculture's, and in the Canadian Food Inspection Agency's regulatory response to the first confirmed U.S. BSE case in December 2003.

These can include brains, eyes, spinal cord, and other organs; the exact definition varies by jurisdiction. Under the new US regulations (69 FR 1862, January 12, 2004), SRMs are: the brain, skull, eyes, trigeminal ganglia, spinal cord, vertebral column (with some exclusions), dorsal root ganglia (DRG) of cattle 30 months of age and older, and the tonsils and distal ileum of the small intestine of all cattle.

A Taxpayer Identification Number (TIN) is an identifying number used for tax purposes in the United States and in other countries under the Common Reporting Standard. In the United States it is also known as a Tax Identification Number or Federal Taxpayer Identification Number. A TIN may be assigned by the Social Security Administration or by the Internal Revenue Service (IRS).

INFO: Full form for PUC is Pollution Under Control in Rules category
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INFO: Full form for TIN is Tax Information Network in Rules category
TIN also has other full forms in other categories mentioned below.

A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. If the ultimate consumer is a business that collects and pays to the government VAT on its products or services, it can reclaim the tax paid. It is similar to, and is often compared with, a sales tax.

VAT essentially compensates for the shared service and infrastructure provided in a certain locality by a state and funded by its taxpayers that were used in the provision of that product or service. Not all localities require VAT to be charged, and exports are often exempt. VAT is usually implemented as a destination-based tax, where the tax rate is based on the location of the consumer and applied to the sales price. The terms VAT, GST, and the more general consumption tax are sometimes used interchangeably. VAT raises about a fifth of total tax revenues both worldwide and among the members of the Organisation for Economic Co-operation and Development (OECD).: 14 As of 2018, 166 of the 193 countries with full UN membership employ a VAT, including all OECD members except the United States,: 14 where many states use a sales tax system instead.

There are two main methods of calculating VAT: the credit-invoice or invoice-based method and the subtraction or accounts-based method. In the credit-invoice method, sales transactions are taxed, the customer is informed of the VAT on the transaction, and businesses may receive a credit for the VAT paid on input materials and services. The credit-invoice method is by far the more common and is used by all national VATs except for Japan. In the subtraction method, a business at the end of a reporting period, calculates the value of all taxable sales, subtracts the sum of all taxable purchases, and applies the VAT rate to the difference. The subtraction method VAT is currently used only by Japan although is, often by using the name "flat tax," has been part of many recent tax reform proposals by US politicians. With both methods, there are exceptions in the calculation method for certain goods and transactions that are created to help collection or to counter tax fraud and evasion.

INFO: Full form for DDT is Dividend Distribution Tax in Rules category
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