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Categories  >>  Accounting  >>  Taxation
 
 


 

 
 Audit interview questions  Audit Interview Questions
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 Taxation interview questions  Taxation Interview Questions
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Question
what is the difference between CST, VAT, SALES TAX, EXCISE
DUTY, CUSTOMS DUTY
 Question Submitted By :: Badamsetty
I also faced this Question!!     Rank Answer Posted By  
 
  Re: what is the difference between CST, VAT, SALES TAX, EXCISE DUTY, CUSTOMS DUTY
Answer
# 1
CST- Central Sales Tax on the sell of goods within the
states of India
VAT- Value added tax which is local on the sell of goods
within the state itself
Sales tax- Same as VAT,,,,,mostly dominated by VAT
Excise duty- Tax on the production of goods in india by
state gov.
Customs duty- Tax on the goods imported in India
 
Is This Answer Correct ?    241 Yes 47 No
Snehit
 
  Re: what is the difference between CST, VAT, SALES TAX, EXCISE DUTY, CUSTOMS DUTY
Answer
# 2
Excise duty is payable on goods manufactured within India
subject to exsiable material.
 
Is This Answer Correct ?    110 Yes 20 No
Prafull
 
 
 
  Re: what is the difference between CST, VAT, SALES TAX, EXCISE DUTY, CUSTOMS DUTY
Answer
# 3
Excise Duty is applicable only for the Manufacturers.
However the Traders applies Modvet on Goods they sold.
 
Is This Answer Correct ?    36 Yes 15 No
Arun Sajwan
 
  Re: what is the difference between CST, VAT, SALES TAX, EXCISE DUTY, CUSTOMS DUTY
Answer
# 4
CST is levied on the INTER STATE sales of goods.

VAT is levied on the INTRA STATE sales of goods. It is
charged on each point of value addition on to the goods on
the value that is added on the goods at that stage and not
on the total price of goods.

SALES TAX is same like VAT except that it is charged at one
point on the total price of goods. Now it has been largely
replaced by VAT.

THE ABOVE THREE ARE CHARGED BY THE STATE GOVTs.

EXCISE is charged on MANUFACTURED goods by CENTRAL GOVT.

CUSTOMS DUTY is charged on goods imported from other
countries.
 
Is This Answer Correct ?    99 Yes 9 No
Gaurav
 
  Re: what is the difference between CST, VAT, SALES TAX, EXCISE DUTY, CUSTOMS DUTY
Answer
# 5
1.VAT IS CHARGED ON SALE WITHIN THE STATE AND COLLECTED BY
STATE GOVT.ONLY.
BELOWED THREE ARE CHARGED BY CENTRAL GOVT.
2.CST IS CHARGED ON SALE WITHIN THE COUNTRY AND COLLECTED BY
CENTRAL GOVT.
3.EXCISE DUTY IS CHARGED ON PRODUCTION OF GOODS WITHIN THE
COUNTRY,AND COLLECTED BY CENTRAL GOVT.
4.CUSTOMS DUTY IS CHARGED O IMPORT OF GOODS FROM OTHER
COUNTRIES.
 
Is This Answer Correct ?    31 Yes 7 No
Ashwini
 
  Re: what is the difference between CST, VAT, SALES TAX, EXCISE DUTY, CUSTOMS DUTY
Answer
# 6
cst refers central sales tax which is levied on the sale of the goods with in the state and collected by the central govt.
vat refers value added tax which means charge the tax on consumable products and this is the charge by the state govt.
sales tax is like a vat.
excise duty is levied on the moveable products or manufacture products.it is charged withhin the country and collected by the central govt.
customs duty is levied on the import of goods from another countries.
 
Is This Answer Correct ?    19 Yes 4 No
Ruchi
 
  Re: what is the difference between CST, VAT, SALES TAX, EXCISE DUTY, CUSTOMS DUTY
Answer
# 7
EXCISE DUTY IS A DUTY LEVIED ON PRODUCTION AND MANUFACTURE OF GOODS
IN INDIA.
GOODS WHICH ARE LIABLE FOR EXCISE DUTY MENTIONED IN CENTRAL EXCISE TARIFF ACT-1985

VAT is a sales tax collected by the government (of the state in which the final consumer is located) – which is the government of destination state on consumer expenditure.
 
Is This Answer Correct ?    0 Yes 3 No
Gopalakrishna Rai U
 
  Re: what is the difference between CST, VAT, SALES TAX, EXCISE DUTY, CUSTOMS DUTY
Answer
# 8
vat is charge on product & adjust the input vat and vat
collected by state goverment

sales tax is charge on sale of product and not refundale
and collected by central goverment
 
Is This Answer Correct ?    1 Yes 0 No
Punit Kansal
 
  Re: what is the difference between CST, VAT, SALES TAX, EXCISE DUTY, CUSTOMS DUTY
Answer
# 9
VAT - VAT stands for “Value added tax” It is a form of
indirect tax, which is imposed on products and services at
different stages of manufacturing. The tax is paid to the
government directly by the producer and cost is passed on
to the consumer.
SALES TAX – Sales tax is levied at the time of the purchase
of the products or services. The tax is collected form the
consumer by the seller at the time of purchase.
EXCISE DUTY – Excise duty otherwise known as special tax.
1. Excise duty is levied for locally produced/
sale/use goods ( Alcoholic Drinks and Tobacco Products)
2. Excise duty is levied on Company’s total income or
revenue.
3. Excise duty is levied on activity/occupation (
Licence fee charged from doctors and other professionals)
CUSOMS DUTY – Custom duty is levied on imports to raise the
State revenue. To protect the domestic industries from the
abroad competitors. It is levied generally on the value of
goods / dimension/weight.
 
Is This Answer Correct ?    2 Yes 0 No
R.gowri
 

 
 
 
Other Taxation Interview Questions
 
  Question Asked @ Answers
 
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i am newly started cement distribuition company how to maintain salex tax account in tally tnvat format recently its changed @14.5% pease any one post this answer  2
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i will get the tax exemption when my company offers medical premium that i will produce medical bills. plz clarify any one.  1
what is the meaning of tax collection at source?  4
TDS rate for Building Maintenance ????  2
i m geting gross 12250.m i liable for tds ? if s then how much it will take? TATA2
what is the difference between sales tax and tax deducted at source in karnataka  1
what are the advantages of TDS?  1
Exaplaine about RITC & how it calculated?  1
 
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