what is the difference between CST, VAT, SALES TAX, EXCISE
DUTY, CUSTOMS DUTY
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Answer / ashish mathur
Service Tax is a form of indirect tax imposed only on services provided. From the point of view of a layman, providing services means assistance in any work, taking up of any work on behalf of others, any professional assignment or rendering intangible benefits to others.
VAT (Value Added Tax) is a form of indirect tax imposed only on goods sold within a particular state, which essentially means that the buyer and the seller needs to be in the same state. Only when tangible goods and products are sold, VAT can be imposed.
CST (Central Sales Tax) ) is a form of indirect tax imposed only on goods sold from one state to another state, which particularly takes into account that the buyer and the seller needs to be in two different states.
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / samson
VAT is Very Actual Time.
CST is Cheap Selling Time
EXCISE means actually its EXERCISE
CUSTOMS means CUSTOMERS..
thats it...why collapsing
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / gopalakrishna rai u
EXCISE DUTY IS A DUTY LEVIED ON PRODUCTION AND MANUFACTURE OF GOODS
IN INDIA.
GOODS WHICH ARE LIABLE FOR EXCISE DUTY MENTIONED IN CENTRAL EXCISE TARIFF ACT-1985
VAT is a sales tax collected by the government (of the state in which the final consumer is located) – which is the government of destination state on consumer expenditure.
| Is This Answer Correct ? | 7 Yes | 7 No |
Answer / kamal
cst refers by central sales tax which is levied on the sale of the goods with in the state and collected by the State govt.
For Example : If a person from U.P purchase goods from Delhi ,Then Cst is receive by Delhi govt. Only CST rate will decided by Central Govt.
vat refers value added tax which means charge the tax on consumable products and this is the charge by the state govt.
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Answer / mohammad javed
State govt charges sales tax on behalf of central govt . But the tax credit of excise custom and vat is allowed in some condition but in any condition tax credit for basic custom duty is not allowed. As per rule 3 (1) of ccr 2004.
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