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 Audit interview questions  Audit Interview Questions (422)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (157)
 Taxation interview questions  Taxation Interview Questions (1893)
 Accounting General interview questions  Accounting General Interview Questions (2783)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4354)
Question
what is vat?
what is excise?
what is form c & d in sales tax?
 Question Submitted By :: Malaykrishnasaha
I also faced this Question!!     Rank Answer Posted By  
 
  Re: what is vat? what is excise? what is form c & d in sales tax?
Answer
# 31
Vat is "value added tax". It is applicable only on
ragistered delars. They purchaging and saling the products.

Exp.
Product cost by manufacturer---100 Rs.

Delar has to pay to manufacturer
100 + Excise Duty 10.5(Only for manufacturer)=110.5
Rs.

Then delar will sale the product

(110.5+profit"8 Rs.")*1.04=123.24 Rs.



here .04 is vat applicable.
 
Is This Answer Correct ?    1 Yes 0 No
Krishna Kumar
 
  Re: what is vat? what is excise? what is form c & d in sales tax?
Answer
# 32
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
 
Is This Answer Correct ?    0 Yes 0 No
Bhupendra
 
  Re: what is vat? what is excise? what is form c & d in sales tax?
Answer
# 33
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.
 
Is This Answer Correct ?    1 Yes 0 No
Baljinder Pal
 
  Re: what is vat? what is excise? what is form c & d in sales tax?
Answer
# 34
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.
 
Is This Answer Correct ?    1 Yes 0 No
Dheer Singh Rathore
 
  Re: what is vat? what is excise? what is form c & d in sales tax?
Answer
# 35
i agree for 1st answer? 
Is This Answer Correct ?    0 Yes 0 No
Subrat
 
  Re: what is vat? what is excise? what is form c & d in sales tax?
Answer
# 36
vat is an indirect tax,it is a multistage system for collection sales tax.it is levied by the dealer at the time of sale of goods 
Is This Answer Correct ?    0 Yes 0 No
Ashish Bhansali
 
  Re: what is vat? what is excise? what is form c & d in sales tax?
Answer
# 37
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...
 
Is This Answer Correct ?    1 Yes 1 No
Viveka Nandareddy
 
  Re: what is vat? what is excise? what is form c & d in sales tax?
Answer
# 38
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.
 
Is This Answer Correct ?    0 Yes 1 No
Sonik
 
  Re: what is vat? what is excise? what is form c & d in sales tax?
Answer
# 39
you can find out best answers from the official site.
www.incometaxindia.gov.in
 
Is This Answer Correct ?    0 Yes 1 No
Kasim
 
  Re: what is vat? what is excise? what is form c & d in sales tax?
Answer
# 40
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.
 
Is This Answer Correct ?    1 Yes 0 No
Meenakshi Sharma
 

 
 
 
Other Taxation Interview Questions
 
  Question Asked @ Answers
 
What is FBT? please guide me with the example   1
My company liable to paid Service tax for GTA (Goods Transport Agency) in Jan,Feb & March month. our Transport made on 15.02.09 and Transport bill accounted on 02.03.09. on 25.02.09 Service tax reduced 12.36% to 10.30%. So my quastion is what rate should i caluculate to paid the tax. while transport date (12.36%) or Bill accounted date (10.30%) pl tell me.   4
Is Service Tax chargable by Real Estate devlopers to be charged on the entire cost of the property or only on the service conent of the cost and not on the cost of land and cost of construction material? Can the developers demand Service Tax on installments paid by the buyers before the real sale takes place?   1
when submitted ER1 by online that time by mistake wrong opening balance selected & returned is submitted .what to do   4
Can anybody explain? what's consumeble items?   1
what is tds and what is what is the current rate of tds on payment of contract and payment of professional charges   2
what is GST? please guide us? what is the rate liable for GST? and when GST is applied?   3
How is form 16 different from form 16A   1
WHAT IS DIFF. IN VAT & SALE TAX?   1
The value on which entry tax is payable is called?   2
What is means by TDS ? How to calculate TDS ? TDS Form No. ?   7
if a total slary of a person for year is 200000 presently then what is the income tax amount to be deducted? how should be the calculation? how the entries to be done in tally?   1
 
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