GST is profit or loss
Page no : 3
g mahesh Mundra
(Business and tax consultant)
(3296 Points)
Replied 03 October 2017
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 03 October 2017
g mahesh Mundra
(Business and tax consultant)
(3296 Points)
Replied 03 October 2017
g mahesh Mundra
(Business and tax consultant)
(3296 Points)
Replied 03 October 2017
RAJA P M
("Do the Right Thing...!!!")
(128096 Points)
Replied 03 October 2017
g mahesh Mundra
(Business and tax consultant)
(3296 Points)
Replied 03 October 2017
g mahesh Mundra
(Business and tax consultant)
(3296 Points)
Replied 03 October 2017
RAJA P M
("Do the Right Thing...!!!")
(128096 Points)
Replied 03 October 2017
(Purchases - Sales + Stock)
ACMA M.Abdul Khaliq
(CMA)
(214 Points)
Replied 03 October 2017
GST and VAT almost both are same
Bcoz u are only paying tax on the profit u have added
Earlier tax rate was less now more so it results high payments of taxes (28 - 14.5) = 13.5% Extra.
main advantage of GST is it has subsumed many one time taxes for which credit was not available, which resulted in high costs
so now major advantage is u can avail credit of tax everything u paid on purchases.
RAJA P M
("Do the Right Thing...!!!")
(128096 Points)
Replied 03 October 2017
Previous Tax regime's not only VAT.... Every product including Excise Duty with 12.5%....
g mahesh Mundra
(Business and tax consultant)
(3296 Points)
Replied 03 October 2017
ACMA M.Abdul Khaliq
(CMA)
(214 Points)
Replied 03 October 2017
Taxes Subsumed under GST
Central Taxes
Central Excise Duty
AED
CVD & SAD
ED under the Medicianl and Toilet preparations
Service Act
SCs and Cesses
State Taxes
Sate VAT/Sales tax,Purchase tax
Entertainment tax,CST,
Octroi and Entry taxes ,Luxury taxes,tax on lottery,betting and gambling
State SCs and Cesses
RAJA P M
("Do the Right Thing...!!!")
(128096 Points)
Replied 03 October 2017
But, How you said both are same....?
ACMA M.Abdul Khaliq
(CMA)
(214 Points)
Replied 03 October 2017
Mahesh
For CST let us take example , plz dont assume i know only CST
Under CST there was no Credit of tax paid on purchases
But in VAT u can claim Credit
Bigger version is GST hope this helps .
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