diff between cst and vat
CA Mohit Mohan (c.a. profession) (557 Points)
03 February 2008
plz list differences betweeen vat and cst.................
5 Replies
Ramkrishna Mokashi
(Chartered Accountant)
(734 Points)
Replied 03 February 2008
VAT paid on purchases can be taken credit of and deducted from the VAT payable. But CST cannot be taken credit of, hence "NOT VATABLE"..
Amit Sharma
(article)
(2677 Points)
Replied 04 February 2008
VAT :- Value Added Tax. This tax is leived on selling of goods from seller to buyer within the state. The rates are lieved on 0%, 4% & 12% depending upon the commodity used.( SALES WITHIN THE STATE)
CST:- Central Sales Tax. This tax is lieved on sales from one state to another. It is Standard rate of 3%. ( SALES OUTSIDE THE STATE)
Aditya M
(Student)
(166 Points)
Replied 06 February 2008
Can you offset your CST liability against input tax credits available under VAT?
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