what is vat?
what is excise?
what is form c & d in sales tax?
- 43 Answers
- 197553 Views
- Aksh Optifibre Limited, CA, Cat Computer Services, DHL, Escorts, iFlex, Murjani, Precision Die Cutting, TCS, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / kathiravan
Form C is issued by the dealer for purchasing goods from
the dealer out side the state in which he resides the
effect can be understood ny looking at following example
IF Mr A Registered Dealer in Hyderabad (AP) wants to
purchase goods from Mr B a registered dealer in Mumbai.Mr
B who is selling the goods will charge VAT @ 4% or 12.5% on
the goods if Mr A issues him "C" Form then Mr B should
Charge him CST @ 2% so Mr A is SAving Tax.
Form D serves the same purpose but it has to be issued by
government
| Is This Answer Correct ? | 56 Yes | 53 No |
Answer / manish
vat stands for viscous and alcohlic tax. This type of tax can be very harmful in the long run and can lead to many forms of industrial cancer.
I am not sure anout the excise and sales tax thing.
Cheers!!!
| Is This Answer Correct ? | 6 Yes | 4 No |
Answer / pappu
VAT is a multi-stage tax levied at each stage of the value
addition chain, with a provision
to allow input tax credit (ITC) on tax paid at an earlier
stage, which can be appropriated
against the VAT liability on subsequent sale.
VAT is intended to tax every stage of sale where some value
is added to raw materials,
but taxpayers will receive credit for tax already paid on
procurement stages. Thus, VAT
will be without the problem of double taxation as prevalent
in the present tax laws.
| Is This Answer Correct ? | 3 Yes | 2 No |
Answer / krishna kumar
Vat is "value added tax". It is applicable only on
ragistered delars. They purchaging and saling the products.
Exp.
Product cost by manufacturer---100 Rs.
Delar has to pay to manufacturer
100 + Excise Duty 10.5(Only for manufacturer)=110.5
Rs.
Then delar will sale the product
(110.5+profit"8 Rs.")*1.04=123.24 Rs.
here .04 is vat applicable.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / baljinder pal
VAT is Value Added Tax. It is tax chared by the registered
dealer at the time of sale of goods just like Sales Tax. A
vat dealer can claim credit of vat on good purchased by him
just like excise duty.
While Excise is the tax on goods produced but charged at the
time of its removal i.e. at the time of sale.
Form C is issued by a reg. dealer(purchaser) to seller of
goods in case of CST so as to charge him sales tax at lesser
rate whereas the form D isissued by the govt to the seller
of goods for the same reason.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / dheer singh rathore
VAT is Value Added Tax.(Summit Last date Twenty Every Next
Month) It is tax chared by the registered
dealer at the time of sale of goods just like Sales Tax. A
vat dealer can claim credit of vat on good purchased by him
just like excise duty.
While Excise is the tax on goods produced but charged at the
time of its removal i.e. at the time of sale.
Form C is issued by a reg. dealer(purchaser) to seller of
goods in case of CST so as to charge him sales tax at lesser
rate whereas the form D is issued by the govt. to the seller
of goods for the same reason.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / meenakshi sharma
Central Sales Tax is a tax on Sale levied by Central Government under the provisions of CentralSales Tax Act, 1957. As per the provisions of this Act, any movement of goods from one State toanother on account of sale/purchase or transfer of document of Title to goods between twoseparate parties is considered as Interstate sale/purchase. All such transactions are liable to CST.Any movement of goods otherwise than as sale, sent outside the state or country, is exemptedfrom levy of CST. Examples of such Transactions are Consignment and Branch Transfers outsidethe sate, Exports etc.
Form CThis is the Basic Form used by the Registered Dealers in the course of Interstate trade or commerce. All the registered dealers will issue 'Form C' at the time of purchasing goods or service from another Registered dealer. The issue of 'Form C' by the selling dealer will ensure thatthe goods being purchased are covered under his registration certificate and the CST can becharged at lower rates. The selling dealer, on the basis of this 'Form C', charges CST @ 2% or lower rate as applicable and submits the same to his assessing authorities as a proof or cause for lower collection of CST.For example: Assume that the local sales tax rate is 4%. The sales made in the course of inter-state trade, will attract levy of CST at the rates as applicable for local sales. But for any registereddealer on submission of declaration in 'Form C', the CST will be charged at 2% (4% or 2% whichever is lower). Even the registered dealer will be required to pay CST at local sales tax rates if 'Form C' is not issued.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / manish
I have understood that "C" form is issued by the Purchaser
to the Seller to reduce CST at the time of Inter State
Sales. But for What reason Government is reducing the tax.
Does the end user of the Goods pays the required CST to the
Government. What kind of Declaratin is there in the C-Form
that the Government gives Exumption of TAX?
If you all know the exact fact then please reply.
| Is This Answer Correct ? | 2 Yes | 2 No |
Answer / bhupendra
vat. vat means value added tax this tax is apply since 1st
april 2005 this tax sellar are sele the good local state
but his rajistar party then this tax is applyed
| Is This Answer Correct ? | 0 Yes | 0 No |
What do you understand by dissolution of firm?
on which product vat 14.5% applicable in maharashtra
1 Answers Everlast Composites, Tyvek,
what is the meaning of TDS.AND it will be what percentage.who is supposed to pay TDS.
Dear friends, can A trading firm register with excise? i want to know all about excise.
From Buyer's point of view, In Interstate purchase to save tax we issue "C" form but at the same time can u tell me by allowing issuing "c" form govt bearing any losses in collection of taxes. e.g.while giving c form i only pay 2% instead of 12.5% the is it loss to govt of 10.5%, if yes then why govt. allowing "c" form, pls explain.
Can it be prssible, If any person purchase Reliance life insurance policy with nepal residence address profe. If yes then who can deposit nepal curancy in indian branch.
Pl inform me the details of TDS,VAT,Service Tax & other Statutory Deductions related to individual and companies.
1> how can calculate tax for provide service? 2> how can calculate vat for selling product?
hi which form issue again ogs purches & sales ? which is the tax rat we issue c form?it's cst3% is avelabe to issue the c-form?
mr. x earns a salary of rs. 34000 p.m, but mr. x assures that he is going to produce investment suppoting of rs. 69000 eligible u/s 80C but fails to produce how to throughtout the F.Y ho to calculate tds per month???
What is excise & service tax? What is the difference?
Our firm is 7 years old. We don't have PT registration for partners as well as employee. If we do it now, will it be a problem or how much penalty will come. Any one can give suggestion.
Audit 
