What is the Difference Between Sales Tax and VAT ?
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Answer Posted / h.r. sreepada bhagi
Both Sales Tax are tax on the goods sold and shown in the
sales invoices.
In India now Sales tax has been replaced by VAT or Value
Added Tax.
Both Sales Tax and VAT are administered by states and not by
the Central Government.
Difference between Sales tax & VAT is that under VAT the
seller can take credit of VAT paid by him on the purchases
made & pay only the excess of VAT collected on sales over
VAT paid on purchases to the Commercial Taxes Department.
Both are not applicable on Services.
Rate of Sales Tax or VAT are given in different schedules to
Sales Tax or VAT Act of each state in India.
VAT is used in more than 185 countries in the world.
| Is This Answer Correct ? | 13 Yes | 3 No |
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