What is the Difference Between Sales Tax and VAT ?
- 7 Answers
- 20691 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In India now Sales tax has been replaced by VAT or Value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
What is the difference between depreciation and amortization?
are tpt, freight & packing charges part of sales & purchase ??
lic (life insurance corporation)how much he or she as to deduct income tax on his gross annual salary. please give with examples
What is corporate assesses?
Explain compound journal entry.
can any one tell what is the selection proces in cognizant for MBA finance
how will rectify the error in trial balance.
A Lorry driver damaged shed shutter and we deduct 2000/- from his freight amount now what is the head for the Deducted amount?
Define partitioning in accounting?
Mention in simple terms what is the difference between asset, equity, and liabilities?
CAN C FORM AND F FORM BE ISSUED FOR SAME JOB WORK CONTRACT CONSIGNMENT
Tell me do you have any idea about service tax or excise?
How is the accounting for lease transactions done?
i want to know f form and how to use and how can purchase
what is balance sheet, capital budgeting, financial statements, current ratio, profit maximization?
