Understanding GST V/s. VAT

1) Tax / Duty on Manufacturing :- This is applicable only in Excise law, Not applicable in GST, VAT, Service Tax.

2) Tax on Sales:- This is applicable in case of GST, VAT

3) Tax on Stock transfer :- This is applicable in case of GST only.

4) Cenvat /Input credit :- This is available in case of GST, VAT, Service Tax, Excise.

5) TDS :- Applicable in case of GST and in states on VAT also.

6) Reverse Charge Mechanism :- Applicable in case of GST and Service Tax

7) CST/Inter-state tax input:- In case of GST, we will get input credit, in case of sale by excise manufacturer then Excise cenvat is available, in case of Sales Tax input credit is not available for CST sales.

8) MRP sales :- This is applicable on in case of Excise law.

9) Transaction Value :- This is applicable in case of GST, VAT, Service Tax, Excise.

10)ISD :- This applicable in GST and Service Tax.

11) Input credit available only if the supplier has uploaded the details in the GST website :- this matching concept is applicable only in case of GST.

12) Tax on Services :- Applicable only in case of GST and Service Tax

CA Sanjay Munoyat

Understanding GST V/s. VAT, Service Tax, Excise Law

GST: Invoice level information