Difference in gst and vat for businessman
This query is : Resolved
01 July 2017
I want to know how different is GST different for a businessman in terms if tax credit.
I vat regime I used to pay the govt. Tax collected - tax paid
In gst I will be getting credit for tax paid... So its the same thing.... Isn't it.? That's the first question.
2nd Q. If a chain say vegetable seller sells to restaurant (unregistered) ... And then the restaurant sells food to consumer without the bill. So seller happy, restaurant happy, customer happy.. No one is paying tax.. Then how valid is the claim that says it will bring such trade into organized trade as people will start demanding for bill to claim credit...
I vat regime I used to pay the govt. Tax collected - tax paid
In gst I will be getting credit for tax paid... So its the same thing.... Isn't it.? That's the first question.
2nd Q. If a chain say vegetable seller sells to restaurant (unregistered) ... And then the restaurant sells food to consumer without the bill. So seller happy, restaurant happy, customer happy.. No one is paying tax.. Then how valid is the claim that says it will bring such trade into organized trade as people will start demanding for bill to claim credit...
01 July 2017
01. yes, the scheme of ITC is quite similar to set off.
02. For small traders, manufacturers etc there is no GST. But for the ones having turnover above 20 lakh, GST is applicable.
02. For small traders, manufacturers etc there is no GST. But for the ones having turnover above 20 lakh, GST is applicable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Treatment of Pension ?annuity returns on PMVY
- TAN for Partnership
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Free lancer income
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- TDS related Query_Liquidated Damages
- What is provisional receipt number for generation of form 16A
- Showing Gift from relative in ITR for this year
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
