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What is the diff between Comercial tax and sales tax?
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sales tax is only paid for totl sales of the company . vat
is adjustable input credit
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Answer / abhivirthi tax and industrial
At the time of introduction of sales tax, tax was levied on the business people on their sales on the transfer of goods from businessmen to others and tax was collected and such collection of tax called Sales Tax.
Subsequently, the “business” term expanded as any trade or commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture whether or not such trade, commerce, manufacture, adventure or concern is carried on which a motive to make gain or profit and whether or not any profit accrues from such trade, commerce, manufacture, adventure or concern and any transaction in connection with, or incidental or ancillary to, such trade, commerce, manufacture, adventure or concern.
After expansion of “business” term there is possibility of levy of tax at various stages like buying, selling, manufacturing, supplying, distributing goods directly or otherwise, hire purchase, commission, and transfer of property in goods involved in the execution of works contract etc.,
The activities like buying, selling whether wholesale or retailsale, and other activities were called commercial activities and tax levied on such transactions were called Commercial Tax.
Reply From:
ABHIVIRTHI Tax and Industrial Consultancy
R.R.JAGADEESAN
VAT PRACTITIONER AND INDUSTRIAL CONSULTANT
H-63, Palaami Enclave
New Natham Road
Reserve Line,
Madurai – 625014
Cell: 9994990599.
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when i worked finalisation of a firm during 2006-07under kerala vat act in 23-9-06 there is a advancesales tax RS 2170 paid by firm and inthe same month vatpayable is rS.5201 the advance tax is deducted from vatpayable that is 5201-2170=3031 is the vat payable during the month. what are the entries passed in computerised accounting during finalisation in this case please explain
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