Vat basicaly is two type
1-Input Vat (Charge on Purchase)
2-Output Vat(Charge on Sale)
When our Turnover Above of 900000 then it's mendetory
registration of S.T.R.
When our Turnover(Gross) above of 1000000 It's compelsoury
payment of S.T.
S.T is charge Receipt basis.
There is no different types of vat. only different types
vat rates are there on different types goods.sale tax is
two types vat and cst. When you sale the goods within state
you paid vat and sale the goods outside state then paid cst
to the concerned authorities.
Under DVAT ABC is a "company" which has taken contract from
Delhi state govt department and subcontracted part of work
to XYZ. Where ABC is under composition scheme and XYZ is
under normal scheme. Govt deducts 3% WCT from payment to ABC
towards vat.Whether subcontractor is liable to pay WCT vat
on his turnover though the main contractor has already
discharged tax liability on entire turnover? What is the