Interested to Buy Any Domain ? << Click Here >> for more details...
What is the Difference Between Sales Tax and VAT ?
- 7 Answers
- 22497 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In India now Sales tax has been replaced by VAT or Value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
I have transferred the Plant & machines to our Branch which are located in other state. plz told me how can i show the Machin stk trfr amt in return?
when an amountis declared as NPA by a bank whether any interest can be debited to that account after the date it is declared as NPA ? What are the guidelines of Reserve Bank of India in this respect ?
what is the entry to be made for vat when any purchase is made in that bill vat amount is included ?
What are the disadvantages of manual accounting?
what is casual receipt? is it exmpted in income tax?
How new/innavtive assets are to be treated under IFRS?
Scheme is given by a company to his distributors on sale of goods, what is the treatment of this scheme distributors hand Direct income or indirect income
Why company issue shares at discount as its a loss ?
For example for formation of a new company/offshore company you need to show paid up capital of 100K but you don't have 100K you as a director borrow loan of 100K from 3rd party and deposit in the bank as paid up capital and issued shares of 100K in director name. After one week you return back 3rd part loan. What are the entries in the books?
if no production is take place at the start of a process in royalty accounting what will be the accounting procedure for that.
What is finance lease? What are bonus Shares? entry for it. What is Depreciation? What is the Journal Entry? What is DPS? What is minority Interest? where it is shown?
Horizontal balance sheet versus Vertical balance sheet
how to pass provision salary full and settlement(inclusive Bonus,Gratutity etc )please show me entry
How to post salary advance transfer from one branch to another branch ?
we have registered to MCCIA(Maratta Chember of Commerce Ind & Agri.).They given a Tax Invoice against this registration with charging service tax@10.3%.can we take credit of this service charge ?
