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Categories >> Accounting >> Taxation
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
 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 (4362)
Question
what is the difference between CST, VAT, SALES TAX, EXCISE
DUTY, CUSTOMS DUTY
 Question Submitted By :: Taxation
I also faced this Question!!     Answer Posted By  
 
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 ?    304 Yes 61 No
Snehit
 
Answer
# 2
Excise duty is payable on goods manufactured within India
subject to exsiable material.
 
Is This Answer Correct ?    143 Yes 27 No
Prafull
 
 
 
Answer
# 3
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 ?    122 Yes 14 No
Gaurav
 
Answer
# 4
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 ?    48 Yes 10 No
Ashwini
 
Answer
# 5
Excise Duty is applicable only for the Manufacturers.
However the Traders applies Modvet on Goods they sold.
 
Is This Answer Correct ?    49 Yes 20 No
Arun Sajwan
 
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 ?    23 Yes 5 No
Ruchi
 
Answer
# 7
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 ?    5 Yes 1 No
R.gowri
 
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 ?    4 Yes 1 No
Punit Kansal
 
Answer
# 9
CST - Tax paid for produce, and to be sold out-side the state.
VAT - Tax payable for produce and sold within the state.
SALES - It is generally replaced by the word VAT (Value
Added Tax).
EXCISE - Tax paid by the manufacturer on produce of a product.
CUSTOMS - Tax paid by the 'Purchaser' (An Individual,
Company or else) for 'Import of Goods'.
 
Is This Answer Correct ?    4 Yes 1 No
Sanjeev Kumar Singh
 
Answer
# 10
VAT - vat is a form of sales tax which is collected in different stages of transactions like buying and selling of
goods & services the input tax is rebated against the out put taxis called vat


CENTRAL SALES TAX - central sales tax is of two types intra &inter intra sales means the purchase & sale with in the state,inter state means the purchase &sale between two different states

EXCISE DUTY - Movable & marketable, when the goods are passing the gate of a company excise duty must be paid such goods only permitted to pass out of the gate


SALES TAX - Sales tax was there before and know vat concept
has been come in to force for the welfare of prompt tax payers

CUSTOMS DUTY - Generally customs is levied on all imports &exports
 
Is This Answer Correct ?    0 Yes 1 No
Ravi
 

 
 
 
Other Taxation Interview Questions
 
  Question Asked @ Answers
 
What is Tax Refunds ?   2
what is tds?   5
One bill of Rs.200000/- for Machinery hire issued by party, but total bill is reversed by me to party. In this matter what is the TDS Deduction entry I can made or not?   4
What is the VAT rate for Gold at present? How to calculate VAT for gold?   1
We are into Press Tool & Die Manufacturers and regisered with ESI. for Expansion of Building we are paying civil contract bills ( incluidng labour as well as material) . Please let me know while making payment we have to deduct ESI because civil contrator is not registered under ESI. My question is contractor issue bill including material . on what amount we have to deduct ESI. Please let me know.   1
Is octroi duty by nature a tax you can pass on to the customer in your billing? how is it different than VAT?   3
basic knowledge of accounting ?   1
What are the accounting entries to be passed for TDS if person who is assessed is a Firm (or) Proprietorship (or) Company (or) person? Eg: I (CDE & Co) paid Rs. 1,00,000/- through ICICI Bank after deducting 10% of the amount (Rs. 10,000/-) as TDS (Tax Deducted as Source) to “ABC & Co” (i would like to know the entry to be posted in "CDE & Co" and "ABC & Co")   1
What is the WCT? Why deduct the WCT the client.?   3
What is VAt ? Su-Kam 2
What is the exemption limit of senior citizen for F.Y. 2010- 11?   1
A Company income 150000, and an indivisoul which income 150000 who pay more tax ?   5
 
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