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Answer Posted / ashid puzhakkal, m.com.,b.ed.
Income tax is tax paid by the assessee on the income
recieved during a particular year.
Sales Tax is payable by the seller to the Govt. ie,
received from the buyer as part of consideration for sale
of goods.
VAT or Value Added Tax is indirect tax on goods introduced
in lieu of sales tax to ensure transaparency and greater
compliance. It is a multi-point tax.
VAT consists of INPUT TAX, OUTPUT TAX, INPUT CREDIT etc.
| Is This Answer Correct ? | 28 Yes | 8 No |
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