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What is CST? What is VAT?

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What is CST? What is VAT?

Posted by Vishal Sandhu 8 years, 6 months ago

CBSE > Class 11 > Accountancy

1 answers

Manish Gandhi 8 years, 6 months ago

CST:- Central sales tax is a type of indirect tax. it will be recorded in separate account at the time of sales of goods. At the time of purchases it will be added in purchases a/c. CST is a central leval tax.

VAT :- Value added tax is also an indirect tax. it will be recorded in both cases of sale and purchase as well. it is a type of local tax.

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