Is Withholding tax Equal to VAT. If No what is the
difference between the two.If equal why they are given a
different name as such. Plz explain
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Answer Posted / srinivas gullapalli
Withholding tax is the tax payable by payee, which is held
by the payer at the time of accounting for invoice or
payment.
In Indian scenario even VAT in some states is a withholding
tax by a nomneclature "Works Contract Tax". This tax by
nature is of state's purview. TDS is Central Purview.
Hence,we should see Withholding tax from the definition
purview not from the legal angle.
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