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what is vat?
what is excise?
what is form c & d in sales tax?
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Answer Posted / rakesh.m.d
Generally it is very necessary to make common understanding
about that what is VAT? As every one knows that it is just
value added tax? does common man know what it contains and
how to functions? It is well known fact it came from brazil
and then to delhi. What is the basic purpose in it?For
example If i manafacture a mineral water bottle, when it
comes out of the manafacture gate i'm levied with excise
duty of 10.3%. But from the gate if i want to make a sale
within my state for instance i'm from tamil nadu i'm
eligible for vat tax that is 4% for finished goods and 12.5%
for semi-finished goods. This has to be registered with
commercial taxes department then ill b alloted with TIN NO
means (TAX IDENTIFICATION NUMBER) chennai since i stay here
and it differs from district to district and state to state.
CST comes to play only when the sale is interstate for eg:
if i got an order from UP for my mineral bottle. If my buyer
wants to get cst benefits he must give form c for 2% cst it
means he is registered under central sales tax then he
becomes registered dealer for buying else if he is
unregistered dealer has to pay vat taxes either 4 or 12%
based on the nature of the product i'm selling as finished
or semi-finsihed goods. and i'm already a registerd seller
for selling because i already registered under commercial
sales dep. one may have a question that you have registered
only for vat but not for cst. but now a days properitors
when they register sales tax obviously they are registering
for cst because they become eligible for interstate sale as
well as interstate purchase dealer for their future
business. But al this can be exempted when they export goods
which means out of india to abroad nations that is the
beauty of the govt encouraging exports more than imports.
hope i made a basic understanding for common man. any
suggestions always welcome.
| Is This Answer Correct ? | 52 Yes | 6 No |
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Dear Experts, I need your help in deriving a formula for calculating three taxes with a combination of cumulative and inclusive tax. Here are the examples with expected result. Please let me know the formula on how to get the given result. Example1: Total Product Value (V) = 1000 (with inclusive of all 3 taxes and below mentioned cumulative combinations) Tax1 rate is 10% and Tax1 is inclusive. Tax2 rate is 10% with Tax2 is inclusive and cumulative of Tax1 Tax3 rate is 10% with Tax3 is inclusive and there is no cumulative of Tax1, Tax2 Expected Results are: Tax1=76.34 Tax2=83.97 Tax3=76.34 Let me know formula to derive above values? Example2: Total Product Value (V) = 1000 (with inclusive of all 3 taxes and below mentioned cumulative combinations) Tax1 rate is 10% and Tax1 is inclusive. Tax2 rate is 10% with Tax2 is inclusive and cumulative of Tax1 Tax3 rate is 10% with Tax3 is inclusive and cumulative of Tax2 Expected Results are: Tax1=75.70 Tax2=83.27 Tax3=84.03 Please let me know formula to derive above values? Thanks in advance.
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