Interested to Buy Any Domain ? << Click Here >> for more details...
What is the Difference Between Sales Tax and VAT ?
- 7 Answers
- 22819 Views
- I also Faced
- E-Mail Answers
Answer Posted / h.r. sreepada bhagi
Both Sales Tax are tax on the goods sold and shown in the
sales invoices.
In India now Sales tax has been replaced by VAT or Value
Added Tax.
Both Sales Tax and VAT are administered by states and not by
the Central Government.
Difference between Sales tax & VAT is that under VAT the
seller can take credit of VAT paid by him on the purchases
made & pay only the excess of VAT collected on sales over
VAT paid on purchases to the Commercial Taxes Department.
Both are not applicable on Services.
Rate of Sales Tax or VAT are given in different schedules to
Sales Tax or VAT Act of each state in India.
VAT is used in more than 185 countries in the world.
| Is This Answer Correct ? | 13 Yes | 3 No |
Post New Answer View All Answers
How to make a vat entry in books including setoff?
how sales invoices adjusted against advance received from Debtor?
what is differnce between balance sheet of a bank & a company
Can you help me to pass the journal entry for work in progress for a construction company? I would like to know the debit and credit for W.I.P will be under in which accounts head. Eg: debit will be in current asset a/c head, and credit will be under in which a/c in P&L? whether under purchase a/c head, or under direct income a/c head? please give me the details. Thanks for your previous answer?
how to assign the cost center to GL Account in SAP (FICO)
Can share warrants issued by the company be considered as potential equity shares? If yes, then will it be considered for calculating dilutive EPS?
IS METHODEX IS GOOD INSTITUTE FOR SAP FICO MODULE TRAINING. IS IT IN BANGALORE OY HYDERABAD.
What is debit and credit note?
Hello sir, i am assistent executive in partnership firm.i learn't tds return, sales tax return, service tax return and all accounting entry,reconciliation with customer & supplier.BRS. please guide me for more knowledgeble sectore in account. hense i reach become a good position in account sectore.
What are the differences between accounting and auditing?
What is fbt (fringe benefit tax)?
What is the abbreviation for the accounting terms debit and credit?
example wrongly financial statments showing vat refund (under Advances) for the finanical year 08-09 , but present assement year after assement by cto given vat refund more than ledger showing balance then decided to every month set off vat payable to vat refund(advance) but more than recoverd compare with company and cto then what is the entry to be take.
What else ? This is the question asked to me every where every time while facing interview. I want to know is this a real question for accounting? If yes haw or if no How? I am really confuse.
under which ledger should i make opening work in progess and closing work in progress
