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Categories >> Accounting >> Taxation
 
 


 

 
 Audit interview questions  Audit Interview Questions (427)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1899)
 Accounting General interview questions  Accounting General Interview Questions (2810)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4360)
Question
what is the different between CST , VAT,  and Excise Duty ?
 Question Submitted By :: Taxation
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
CST is a Central tax levied under CST Act, 1956 where in
when there is a sale of goods between dealers of 2
different states, seller has o colect tax from the buyer at
prescribed rate. If the dealer isa registered dealer, then
assessee can sell at discounted rate of 2% if forms are
used as prescribed in CST Act, 1956

VAT is new term for sales tax. Now the dealer has to levy
tax at every stage of sale in intra-state sale unless goods
are exempted from tax.
 
Is This Answer Correct ?    78 Yes 13 No
Ankit Jain
 
Answer
# 2
CST is a central sales tax which is applicable in all over
india at same concept. At the time of interstate sale CST
is applicable. the rate of cst is 2 % aganist the form 'C'.
vAT is a value added tax which is applicable on value
addition of profit of seller or dealer. Vat is applicable
statewise.
Excise Duty is a duty on manufacturing of goods. excise
duty charge on basic value of goods at the time of removal
of goods from the factory as a finished goods. it is not
added at every stage.
 
Is This Answer Correct ?    47 Yes 2 No
Avadhut
 
 
 
Answer
# 3
cst -interstate sales

vat- intrastate sales

excise-removal of goods from factory

custom -import of goods

sales tax is divided into 2 parts cst and vat
where vat- is levied on multipoint sales and input tax
credit is also available to remove cascading effect ie(tax
on tax)
 
Is This Answer Correct ?    25 Yes 5 No
Varun Maingi
 
Answer
# 4
CST- Comes under the preview of Central Sales Tax Act
1956,extend whole of India.
CST is applicable when the movement of goods pass from one
state to other. 2% CST is charged against Concessional Form C.

VAT- Indirect Tax on Consumption of Goods. Every State have
it own VAT enactment. VAT is intended to tax at every stage
of sale unless the goods are exempted from levy of Tax.

Excise Duty :- Excise Duty is an indirect tax levied and
collected on the goods manufactured in India. Manufacturer
of goods is responsible to pay duty to the Government. This
indirect taxation is administered through an enactment of
the Central Government viz., The Central Excise Act, 1944.
The rates at which the excise duty is to be collected are
stipulated in the Central Excise Tariff Act, 1985
 
Is This Answer Correct ?    18 Yes 1 No
Amol Palav
 
Answer
# 5
CST- is the cebteral sales tax.It is applicable on inter
state sales.

VAT- is defined as value added tax.It is Intra state sales.
Both are applicable on sales of goods.

EXCISE DUTY- a duty on manugacturing of goods. Chage on
basic value of goods as a finished goods.
 
Is This Answer Correct ?    13 Yes 1 No
Bhaskar Awasthi
 
Answer
# 6
VAT is application only in state sale case

CST is applicable only in Interstate sales case only

VAT and CST Both can not be applicable for singly
transaction.
 
Is This Answer Correct ?    18 Yes 9 No
P.p.mishra
 
Answer
# 7
CST is a sale from one state to another state against form
C. the rate of tax is 2%
 
Is This Answer Correct ?    8 Yes 0 No
Gopaal
 
Answer
# 8
CST is a sale from one state to another state against form
C. the rate of tax is 2%.
full CST sale is a sale where there is no requirement of the
form C and the tax will be full tax of vat of the selling state.

VAT is a sale within the state. the rate of tax depends upon
the products and the state policies (in some cases)

EXCISE DUTY is a duty paid on all the products manufactured
(except some products exempted from the duty) at the
manufacturing level only. the tax depends on the products.
 
Is This Answer Correct ?    5 Yes 1 No
Gopaal
 
Answer
# 9
CST is a central sales tax which is applicable in all over
india at same concept. At the time of interstate sale CST
is applicable. the rate of cst is 2 % aganist the form 'C'.
vAT is a value added tax which is applicable on value
addition of profit of seller or dealer. Vat is applicable
statewise.
Excise Duty is a duty on manufacturing of goods. excise
duty charge on basic value of goods at the time of removal
of goods from the factory as a finished goods. it is not
added at every stage
 
Is This Answer Correct ?    3 Yes 1 No
Yogesh
 
Answer
# 10
CST is applicable where the two states deals.

VAT is applicable within the state.

Excise duty is applicable for inland transactions from
manufacturing to finished goods.

custom duty is applicable to relieve the goods from border.
 
Is This Answer Correct ?    1 Yes 0 No
Bhargav
 

 
 
 
Other Taxation Interview Questions
 
  Question Asked @ Answers
 
Under what circumstances Deferred Tax Liability or Deferred Tax Assets entries to be passed ? or what is the advantage by passing the above entries ? How the above entries to be nullified / reversed ( with examples please )   2
Is car hire charges attract FBT?   3
which value we will take in c- form to issuing c- form any party basic value or basci+ tax plz ans..............   12
We are purchaseing one machine on duty of payment ( Capital Goods) in the staring of the month financial year 2009-10 at the time of purchase of machine we are not registered with the excise department. But my company registred with the excise department end of the same financial year What can we are taken cenvat credit on capital goods in the year 100% of 50% pls. given the comments or explain me all excise exparts.   3
what is tax rate in haryan with surchage agst D1 form , C form and full rate of tax in haryana   4
how to calulate central exicise   1
Whether TDS to be deducted before service tax or not?   10
what is FBT & where it is used? Yahoo 5
i am peeyush tiwari working in ignou as accounts assistant my salary is 8000/-pm i want to know that how much tds i have to pay and how and my job nature is contractual basis   5
What is the exemption limit of senior citizen for F.Y. 2010- 11?   1
how many types of VAT? L&T 3
who will able to deduct the tds   3
 
For more Taxation Interview Questions Click Here 
 
 
 
 
 


   
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