Diffrence between vat and gst
NITESH KUMAR (ACCOUNT ASSITENT) (72 Points)
19 June 2016
Sir, please explain difference between VAT , GST & Excise.
2 Replies
Sundararajan S
(Final Student of ICAI)
(1764 Points)
Replied 19 June 2016
vat is a state law. excise is excise duty levied on manufacture of excisable goods. gst is goods and services tax, which is yet to come. it's constitutional amendment bill. it will subsume all indirect taxes into one tax. gst has been broadly classified into igst cgst and sgst. igst is integrated gst, central gst for centre and state gst for state
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