MANAGEMENT

Detailed explanation-1: -VAT is a tax that is levied on services and goods and is paid to the government by producers although the actual tax is levied from the end-user or consumers who purchase the services and goods.

Detailed explanation-2: -Sales Tax is a form of tax paid to a governing body for the sale of goods and services. Sales tax is an indirect tax and is generally charged at the point of buy or exchange of certain taxable goods, charged as a percentage of the value of the product.

Detailed explanation-3: -Sales tax is always calculated on the selling price of an item and is added to the value of the bill.

Detailed explanation-4: -The goods and services tax (GST) is a type of tax levied on most goods and services sold for domestic consumption in many countries. It is paid by consumers and remitted to the government by the businesses selling the goods and services.

Detailed explanation-5: -Input VAT is the tax that is paid on the eligible purchases made by the dealer. Accordingly, when a dealer is registered under VAT, the VAT liability is to be paid in cash to the state government for a particular month. However, registered dealers can normally claim a credit for VAT charged on most business purchases.