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VAT & GST

March 30,2017
1

VAT

GST

Applicable only on Goods

Applicable on both Goods and Services

Taxable event is Sale

Taxable event is Supply

Threshold limit is state specific, Mostly Rs.10 Lakh

GST Registration common limit Rs. 20 Lakh, except few states

TIN based Registration

PAN based Registration

Interstate transactions (CST) no Input Tax Credit

Seamless flow of Input Tax Credit

Credit of Tax paid under Central levy (like Central Excise, Service Tax) not available.

Available, reducing cascading effect.

Declaration Forms like C, H etc.. are applicable

No such Declaration Forms

Returns by 20th of succeeding month

Returns by 20th of succeeding month but in a phased manner (Sales by 10th, Purchases by 15th and payment by 20th)

E payment not mandatory.

E payment mandatory.

Input Tax Credit (ITC) available irrespective of payment of tax or filing of valid return by supplier

ITC is available only if supplier pays tax and file valid return.

No rating for the Business

GST rating based on timely filling of returns & payments.