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diff between cst and vat
plz list differences betweeen vat and cst.................
Replies (5)
VAT is collected at state level while CST is colleced at country level
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"..
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)
Can you offset your CST liability against input tax credits available under VAT?
Yes (In Assam)
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