vat. vat means value added tax this tax is apply since 1st
april 2005 this tax sellar are sele the good local state
but his rajistar party then this tax is applyed
VAT is Value Added Tax. It is tax chared by the registered
dealer at the time of sale of goods just like Sales Tax. A
vat dealer can claim credit of vat on good purchased by him
just like excise duty.
While Excise is the tax on goods produced but charged at the
time of its removal i.e. at the time of sale.
Form C is issued by a reg. dealer(purchaser) to seller of
goods in case of CST so as to charge him sales tax at lesser
rate whereas the form D isissued by the govt to the seller
of goods for the same reason.
VAT is Value Added Tax.(Summit Last date Twenty Every Next
Month) It is tax chared by the registered
dealer at the time of sale of goods just like Sales Tax. A
vat dealer can claim credit of vat on good purchased by him
just like excise duty.
While Excise is the tax on goods produced but charged at the
time of its removal i.e. at the time of sale.
Form C is issued by a reg. dealer(purchaser) to seller of
goods in case of CST so as to charge him sales tax at lesser
rate whereas the form D is issued by the govt. to the seller
of goods for the same reason.
According to my best knowledge form-c shall issued by the buyer which is registered to registered seller for reduction of VAT burden to the seller
for ex: mr.vivek was a buyer of goods from a.p and mr.raghavan was a seller of goods.here with out form-c mr.raghavan should pay the tax 12.5%.
but if mr.vivek issued the form-c to the raghavan...mr.raghavan can pay the tax 2% on goods
with this automatically reduced the cost of goods...
1)VAT(2%)is chared by the registered dealer at the time of
sale of goods(except UT-0%)for Interstate Transaction
against form "C" from purchaser.
2)Excise is the tax on Manufactured goods at the
time of its removal from plant i.e. at the time of sale.
Central Sales Tax is a tax on Sale levied by Central Government under the provisions of CentralSales Tax Act, 1957. As per the provisions of this Act, any movement of goods from one State toanother on account of sale/purchase or transfer of document of Title to goods between twoseparate parties is considered as Interstate sale/purchase. All such transactions are liable to CST.Any movement of goods otherwise than as sale, sent outside the state or country, is exemptedfrom levy of CST. Examples of such Transactions are Consignment and Branch Transfers outsidethe sate, Exports etc.
Form CThis is the Basic Form used by the Registered Dealers in the course of Interstate trade or commerce. All the registered dealers will issue 'Form C' at the time of purchasing goods or service from another Registered dealer. The issue of 'Form C' by the selling dealer will ensure thatthe goods being purchased are covered under his registration certificate and the CST can becharged at lower rates. The selling dealer, on the basis of this 'Form C', charges CST @ 2% or lower rate as applicable and submits the same to his assessing authorities as a proof or cause for lower collection of CST.For example: Assume that the local sales tax rate is 4%. The sales made in the course of inter-state trade, will attract levy of CST at the rates as applicable for local sales. But for any registereddealer on submission of declaration in 'Form C', the CST will be charged at 2% (4% or 2% whichever is lower). Even the registered dealer will be required to pay CST at local sales tax rates if 'Form C' is not issued.
There is a Service Bill of Rs.50,000 & Service Tax added
10.30% & We have to deduct TDS @ 2%. Assume that Service
Tax Input Credit available to Ur Co. What is the Journal
Entry for this?
I have an interview, they are asking direct and indirect
taxes and exp. pls tell me any one regarding this which
type of questions they will be asking.
what is the income tax-meaning,rates for
2008-09,procedure,when income tax is filling,form of all
income tax heads,complete information about income tax?
along with your userid / name. ThanQ
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