Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / h.r. sreepada bhagi
Sales Tax (CST or VAT) on Sales is Output Tax & Sales Tax
mentioned in the Purchase Bill is called Input Tax.
If Tax is charged under VAT Act, the purchaser is entitled
for credit of Input Tax (As per the provisions of the Act)
and adjust the amount while remitting Tax on his sales
(Output Tax)
Before VAT was introduced tax on sale of products was called
'Sales Tax'. Now Intra-state tax on sales is called VAT &
tax on Interstate sales is called CST (Central Sales Tax) -
CST is not available for set off against output tax.
| Is This Answer Correct ? | 3 Yes | 0 No |
Post New Answer View All Answers
WHAT IS THE MAIN OBJECTIVE TO ISSUE THE WAYBILL TO THE SUPPLIER ? WHAT IS THE TAX LIABILITY ARISES ? WHO HAS THE OBLIGATION TO PAY THE TAX ?
is there in india the rate of work contract are same in all states if now what are the statewise rate
Deferred taxation is a part of which equity?
What items come under deferred tax liability?
F FORM RECEIVED FROM SUPPLIER, NOT DEDUCTED GOODS RETURN AMOUNT THEREAFTER WHAT IS THE PROCEDURE DONE BY DEALER?
HOW THE INTEREST WILL BE CALCULATED IF WE MAKE INCOME TAX RETURNS LATE AND WHAT IS MEANT BY YEAR END?
can we purchase software agaist Form under In the telecommunications network; or
please provide to us the rules of wct in andhra pradesh (Hyderabad)
I am a civil Engineer consultant. On an item for example Rs.100, I am adding 4%WCT ie., Rs.4 and I am certifying the contractor bill for Rs.100.00 + Rs.4.00 = Total Rs.104.00. But my client is deducting 4% on Rs.104.00 ie., Rs. 4.16. So, finally contractor is losing Rs. 0.16 on Rs. 100 which amounts to lakhs on the project value. Can you please guide me on this? Santosh Kumar
What is Cenvat
How many heads are there under total income? Name them.
WHAT IS THE BANK RECONSILATION, WHAT THE FORMAT OF IT
I have doubt on Input VAT & Output VAT (incoming vat / outgoing vat) I have a HMS software, where we have interface to tally erp. When we import the transactions to Tally from HMS (Hospital Management System) All the purchases what we do for a period, the tax paid on these purchase are showing as out going vat. Similarly when we do the sales of those purchased items through HMS, tax collected from customer is showing as incoming vat. Is these are correct terms what they had mentioned in HMS? Please help me out.
I AM INTO AN EXPORT COMPANY MANUFACTURING GARMENTS. I AM PURCHASING AN INTERSTSTE ITEM AND PROVIDED FORM H NOT C. COULD I BE ABLE TO GET ANY EXEMPTION FROM TAXATION AND WHEATHER I HAVE TO CLOSE MY SALES TAX ACCOUNT FOR PROVIDING FORM H, AND IF AGAIN I COULD BE GET ANY EXEMPTION FROM FORM C ISSUING FOR THE SAME COMMODITY AND SAME SUPPLIER.
What is the Procedure of Import & Export
