what is vat?
what is excise?
what is form c & d in sales tax?
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Answer Posted / surya. gangadhar
VAT:- IT IS A MULTI SALE POINT OF TAX WITH SETOFF. THAT
MEANS CHARGED BY THE REGISTERED DEALER(SELLER) TO
REGISTERED DEALER(PURCHASER). IF IT IS WITHIN THE STATE
THAT IS VAT WILL APPLICABLE WHERE AS INTERSTATE C.S.T WILL
BE APPLICABLE.IF PURCHASER ISSUE FORM'C' TO THE SELLER THEN
THE RATE OF TAX WILL BE REDUSED THROUGH 'C' FORM. FORM D
WILL BE ISSUED BY THE GOVT. TO THE SELLER INTHE SAME WAY.
EXAMPLE:
IF A PURCHASE GOODS FROM B. B WILL CHARGE SOME AMOUNT
INCLUDING TAX. IF A ISSUE'S FORM 'C' THEN THE TAX WILL BE
REDUCED. SO A IS SAVING OF TAX.
| Is This Answer Correct ? | 14 Yes | 5 No |
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