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what is the difference between CST, VAT, SALES TAX, EXCISE
DUTY, CUSTOMS DUTY
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Answer Posted / r.gowri
VAT - VAT stands for “Value added tax” It is a form of
indirect tax, which is imposed on products and services at
different stages of manufacturing. The tax is paid to the
government directly by the producer and cost is passed on
to the consumer.
SALES TAX – Sales tax is levied at the time of the purchase
of the products or services. The tax is collected form the
consumer by the seller at the time of purchase.
EXCISE DUTY – Excise duty otherwise known as special tax.
1. Excise duty is levied for locally produced/
sale/use goods ( Alcoholic Drinks and Tobacco Products)
2. Excise duty is levied on Company’s total income or
revenue.
3. Excise duty is levied on activity/occupation (
Licence fee charged from doctors and other professionals)
CUSOMS DUTY – Custom duty is levied on imports to raise the
State revenue. To protect the domestic industries from the
abroad competitors. It is levied generally on the value of
goods / dimension/weight.
| Is This Answer Correct ? | 16 Yes | 8 No |
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