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Different Sales tax incentives are available by State Government for the development of the state

 

These are of 3 types

  • Exemption from tax
  • Deferment of tax liability
  • Remission of tax

Type of Sale tax Incentive

Examples

Exemption from tax

 

On certain goods, VAT is exempt (tax free)

Also upto certain turnover, VAT is not payable

Deferment of tax liability

 

Tax collected from customer

But not paid to government immediately

 

It is deferred and paid after certain period or paid in instalments

Remission of tax

 

Tax collected from customer but it is not to be paid to government

 

Also refund of input vat available

  1. Indirect Tax
  2. Vat
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About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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