diff between cst and vat


c.a. profession

plz list differences betweeen vat and cst.................
 
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(Guest)

VAT is collected at state level while CST is colleced at country level
 
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Chartered Accountant

VAT paid on purchases can be taken credit of and deducted from the VAT payable. But CST cannot be taken credit of, hence "NOT VATABLE"..
 
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article

VAT :- Value Added Tax. This tax is leived on selling of goods from seller to buyer within the state. The rates are lieved on 0%, 4% & 12% depending upon the commodity used.( SALES WITHIN THE STATE) CST:- Central Sales Tax. This tax is lieved on sales from one state to another. It is Standard rate of 3%. ( SALES OUTSIDE THE STATE)
 
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Can you offset your CST liability against input tax credits available under VAT?
 
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Yes (In Assam)
 
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