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What Is The Difference Between VAT And GST?

F
FR Prashanth Reddy
15/12/2017 0 0

Q: What is the difference between VAT and GST?

A: Following are the basic differences between VAT and GST:

  1. VAT was leviable only by the respective State Governments, while GST is leviable by Central and State Governments simultaneously.
  2. VAT was applicable only on goods, while GST is levied both on goods as well as services.
  3. VAT was levied on SALE of goods while GST is levied on SUPPLY of goods or services or both. (Sale is only A FORM OF supply. The definition of supply includes other forms as well, such as transfer, disposal, rent, lease, license, barter, exchange)
  4. The excise duty or service tax paid on inputs could not be set off against the output VAT, while GST ensures seamless flow of credit with prescribed conditions.

This being said, nature-wise both VAT and GST are quite similar, since both are the taxes levied on additional value created.

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