what is vat and sales tex?

Answer Posted / safayat

VAT means value added tax. It is a tax which is charged on
the added value of a product. It is an indirect tax,
ultimately paid by the consumer. Sales tax is not so. The
difference about sales tax is that it is paid by the seller.

Is This Answer Correct ?    4 Yes 0 No



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

Can anyone expain.. why the sensex is in points. And why the ratios is calculated. In what way its uesfull to the organisations

1716


WHAT IS BANK RECONCILIATION STATEMENT? DIFFERENCE BET PUBLIC COMPANY AND PRIVATE COMPANY? MEMBERS IN PUBLIC CO AND PRIVATE COMPANY? WHAT IS DEPRECIATION?

1758


In order to comply with the matching principle, adjustment entries are made at the preparation of ----------

1658


An applicant paid excess amount to the Government Office through a demand draft for a particular permission/license instead of actual fees. Later he went to government office and requested to return the previously submitted demand draft. Can he get back the Previously submitted demand draft(which was not adjusted into government account) duly paying he actual fee?

1540


Pls Give me Solution for me. Bcz i m persuing b.a iii But now i m working in accounts . So what i do In future .

1751






Short Answer on -----Trade mark

1485


what is mean by traditional accounting ?

2002


Took goods from the shop for use at home? state whether the following transcation is business transcation or non business transaction? with reason?.

1414


Hi, If I am placing the order in amazon on behalf of the customer who place the order in other e-commerce application in which If I mention the billing address of the customer and goods will be delivered to the customer from amazon ,and other E-commerce site will deduct their commission on the certain % and make the payment to me on some what profit at that time how should maintain my books of account..??

948


Expand---------PSRT

1591


What is the analytical way of accounting?

1759


I've just started to work as an accounts executive and intending to take up SAP. Can anyone tell me what are the preparations required for me as an accountant to be a successful SAP consultant.

1679


What is the value of inventory as per Financial Accounts (AS2) and as per Cost accounts? Someone told me that as per cost accounts only works costs is considered in CARR while for FA, AS2 is followed with cost or NRV whichever is lowewr? Please explain the difference.

1698


What is Home Loan Modification?

1736


Do I need a waybill in the following case:- If I purchase (on bill) small quantity goods (like artificial jewelry) from one state (say Delhi) and transports it personally (say via flight) to other state (say West Bengal) along with my personal belongings and then I put them to sell through my boutique in that state. Do I need waybill? If yes, what will be the procedure? Do I need to pay entry tax at WB? What will be the procedure? Am I doing anything unlawful while transferring goods personally? Please give your advice. Regards, Manoj

1192