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Answer Posted / h.r. sreepada bhagi
VAT (Value Added Tax) is applicable on Purchase & Sale of
Products / Goods. VAT paid on purchase of certain inputs can
be adjusted on VAT payable on the goods sold & this is
called set off (Input Tax is set off against the output VAT
and excess of VAT output tax is paid to Govt.)
Service Tax is applicable on certain services and the tax on
eligible services received can be set off against the tax on
services rendered and net tax needs to be paid to the
government.
In both the cases in Input tax is more than the taxes
collected, then the difference can be carried forward.
For more information read VAT Act of any State Government or
Service Tax Act of Central Government in India.
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1.What are the basic accounting Standards ?? 2.What is the main importance of Bank Reconcilation Statement? 3. What is Form 407 in Vat ??
