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What Is The Difference Between Sales Tax/vat Andexcise Duty Tax? |
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Answer» The biggest DIFFERENCE between VAT/sales tax and EXCISE duty is that the prior to be charged on consumption of goods, whereas excise is charged on the manufacture and production of goods. Excise duties are also chargeable on a NARROWER RANGE of products, as compared to VAT and sales tax. For example:excise is not chargeable on fossil fuels unlike sales tax and VAT. The excise amount is GENERALLY accounts for a higher percentage of the maximum retail price of the products. The biggest difference between VAT/sales tax and excise duty is that the prior to be charged on consumption of goods, whereas excise is charged on the manufacture and production of goods. Excise duties are also chargeable on a narrower range of products, as compared to VAT and sales tax. For example:excise is not chargeable on fossil fuels unlike sales tax and VAT. The excise amount is generally accounts for a higher percentage of the maximum retail price of the products. |
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