what is vat?
what is excise?
what is form c & d in sales tax?
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Answer Posted / chakradhara mandal
VAT (value added tax)means difference between selling price
and purchase price. Basically, VAT is multi-point tax, with
provision for granting set off credit of the tax paid at
the earlier stage.this process continues till goods are
finally consumed. Hence, VAT is termed as consumption type
tax. Generally It is aplicable for within a state.
(N.B:- Generally any tax is related to selling price of
product.)
EXCISE - While Excise is the tax, it is imposed by
manufacturer on manufacturing goods and manufacturer
recover its at the time sale the manufacturing goods.
Form "C" - Form "C" is a declaration form under CST act.
This form used for rabbet on sales tax. If a registered
dealer sale to another registered dealer and goods moved
from one state to another state.This sale inter sate sale
under CST act,at that time we will used form “C”.
Form "D" - Form "D" is a certificate under CST act. If
government purchase goods from a registered dealer at the
time government issued form “D” to seller. (For saving tax)
(N.B:- Form “D” is cannot be issued in case of sale to
government on 1-4-2007)
| Is This Answer Correct ? | 19 Yes | 8 No |
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