what is out put sale tax and in put sale tax?
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Answer / h.r. sreepada bhagi
Sales Tax (CST or VAT) on Sales is Output Tax & Sales Tax
mentioned in the Purchase Bill is called Input Tax.
If Tax is charged under VAT Act, the purchaser is entitled
for credit of Input Tax (As per the provisions of the Act)
and adjust the amount while remitting Tax on his sales
(Output Tax)
Before VAT was introduced tax on sale of products was called
'Sales Tax'. Now Intra-state tax on sales is called VAT &
tax on Interstate sales is called CST (Central Sales Tax) -
CST is not available for set off against output tax.
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