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.
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