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Difference in the turnover of sales in vat & income tax return
The assessee who is a builder has shown the flats which are registered and unregistered as Turnover in the Audited accounts filed with the Income tax Department which is Rs 11.00 crores.Out of the above the flats not registered is Rs.7.00 crores.As the VAT is paid on the registered flats only whether the un registered flats also has to be shown in Form no:704.
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Service Tax is governed by Finance Act, 1994. It was then when the finance minister brought in taxes on services rendered to reduce the degree of intensity of taxation on manufacturing and trade without forcing the government to compromise on the revenue needs. Service tax does not have any specific act to govern its stipulations.
VAT (Value Added Tax) is governed by respective state Acts. Every state has a separate and distinct VAT act reserved for their state.
CST (Central Sales Tax) is governed by Central Sales Tax Act, 1956. This tax is governed by a single central act, though the chargeability is state specific.
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