what is Vat and Gst? explain it.
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VAT stands for value added tax.it is a kind of tax which you give to the government on taking the goods or services.
VAT = output tax - input tax
VAT was introduced to minimize tax evasion and render transparency and uniformity to the tax payment process.
GST stands for goods and service tax.
GST has two main segments- Central GST and State GST.
GST is one tax that has been introduced to replace all the other indirect taxes in India.
VAT = output tax - input tax
VAT was introduced to minimize tax evasion and render transparency and uniformity to the tax payment process.
GST stands for goods and service tax.
GST has two main segments- Central GST and State GST.
GST is one tax that has been introduced to replace all the other indirect taxes in India.
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