Interested to Buy Any Domain ? << Click Here >> for more details...
What is the diff between Comercial tax and sales tax?
- 2 Answers
- 6368 Views
- Idea, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
sales tax is only paid for totl sales of the company . vat
is adjustable input credit
| Is This Answer Correct ? | 8 Yes | 1 No |
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.
| Is This Answer Correct ? | 1 Yes | 0 No |
CAN WE GET 100% CREDIT OF SERVICE TAX INPUT AMOUNT WHILE PAYING SERVICE TAX. LIKE SERVICE TAX PAYABLE IS RS. 100 AND SERVICE TAX INPUT IS RS. 30 FOR THE BILL OF TELEPHONE, TRAVELLING BILL REPAIR AND MAINT OF CARS ETC. PLS HELP ME OUT ASAP
3 Answers Chartered Accountant,
what are the advantages of TDS?
1000 unit one into process at cost 100000. loss at 10% of input is considered normal, which is realisable at rs 1/unit.the actual prodution is 920 unit , find the abnormal gain?
why use diff vat forms like vat51 vat3 why
WHAT IS THE AMOUNT LIABLE TO THE DEDUCTION OF ESIC?
I had purchased a plot in Nov. 2002 for Rs 18lacs and spent about 20Lacs on its construction. Property is jointly owned by me with my husband in the ratio of 1/3:2/3. I am selling this property for 3cr. How much capital gain I/we have to pay? And can it be set off by purchasing new residential property? If so, can we purchase two separate residential properties, one in my name and one in the name of my husband, which could cover the capital gain amount. Can we do so or it is only purchase of one residential property against which capital gain can be set off. Please clarify.....
What is VAt return form ?
What are the accounting entries to be passed for TDS if person who is assessed is a Firm (or) Proprietorship (or) Company (or) person? Eg: I (CDE & Co) paid Rs. 1,00,000/- through ICICI Bank after deducting 10% of the amount (Rs. 10,000/-) as TDS (Tax Deducted as Source) to “ABC & Co” (i would like to know the entry to be posted in "CDE & Co" and "ABC & Co")
hi,when i am posting an entry on service tax it is not showing the business area.please guide me how to configure the business area so that the entry also shows the business area.please help as i need to configure it.
0 Answers India Infoline, TCS, Wipro,
Ir we have bill for CST 2% we made entry 12.5% by mistake then what is solutin for C-form
What is TDS_return?when it is applicable?how it is deducted?
If the total material cost of secondary steel products @ BSL, Jharkhand, is Rs.30 lacs exclusive of VAT @ 4%, ED @ 8.24%, TCS @ 1%, and the buyer is registered under the Company's Act, 1956 in Bihar, and carrys VAT & CST certification but no ED registration, then what would be the proforma of purchase invoice ? And if the Buyer sells the above materials with the conversion charges or profit of Rs.5 lacs within Bihar, what would be the proforma of Sale Invoice ?
Audit 
