What is the Difference Between Sales Tax and VAT ?
Answer Posted / supriya dasari
VAT is levied on sale of the goods and services . And VAT is
for local sales & Services only.
where as sales tax is levied on manufacturing and non
manufacturing goods when they are selling.But Sales tax is
foe central wide.
| Is This Answer Correct ? | 3 Yes | 3 No |
Post New Answer View All Answers
Entries to revenues accounts such as service revenues are usually?
what is a state cheque? how it differes from stale cheque?
What is account receivable?
What are the difference between Debit Memorandum and Credit Memorandum?
Define social responsibility accounting
pass journal entry for Prepaid insurance
Tell me what is an over accrual?
A firm had the following Balances on 1 January 1994: (i) Provision for bad and doubtful debts Rs 2,500 (ii) Provision for discounts on debtors Rs 1,200 (iii) Provision for discounts on creditors Rs 1,000 During the year, bad debts amounted to Rs 2,000, discounts allowed were Rs 100 and discounts received were Rs 200. During 1995 bad debts amounting to Rs l,000 were written off while discounts allowed and received were Rs 2,000 and Rs 5,000 respectively. Total debtors on 31 December, 1995 were Rs 48,000 before writing off bad debts, but after allowing discounts. On 31 December, 1995, this amount was Rs 19,000 after writing off the bad debts, but before allowing discounts. Total creditors on these two dates were Rs 20,000 and Rs 25,000 respectively. It is the firm’s policy to maintain a provision of 5% against bad and doubtful debts and 2% for discount on debtors and a provisions of 3% for discount on creditors. Show the accounts relating to provisions on debtors and provisions on creditors for the year 1994 and 1995.
What are the major components of country's trade account?
Explain me the difference between accounting and auditing?
Explain the term account payable?
lic (life insurance corporation)how much he or she as to deduct income tax on his gross annual salary. please give with examples
What are the accounting entries for branch accounts?
What is the limitaion of the Trial Balance?!
cost of lease=20,000.refundable deposits 2000 (after 4 years).annuity value for 4 years @5% is .2820.find the net charge to p&l a/c