Comparison between VAT & GST Very simple way to understand VAT - is state specific limit 10 L GST - GST Registration limit 20 L + VAT - TIN based Registration GST - PAN based Registration Also Read- GST Bill Debate- 4 GST Bills get Lok Sabha approval VAT - Interstate transactions (CST) no Input Tax Credit GST - Seamless flow of Input Tax Credit VAT - Declaration Forms like C, H etc are applicable GST - No Declaration Forms VAT - Returns within 45/60 days from end of quarter GST - Returns by 20th of suceeding month but in a phased manner (Sales by 10th, Purchases by 15th and payment by 20th) VAT - There is no specific mode of payment GST - Mode of payment if exceeds 10,000 by e-payment, less than is optional VAT - Immediately after filling avail Input Tax Credit GST - Once the Supplier pay tax then only seller gets ITC VAT - No rating for the Business GST - GST rating based on timely filling of returns & payments.. Also read- 4 key ...