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Tally for GST | GST vs. VAT - Explained
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Here's what you need to know about the key differences between GST (Goods and Services Tax) and VAT (Value Added Tax):
1. VAT was only for Goods, while GST is applicable for both goods and services
2. VAT was a summary-based system, where you had to submit a tax return and summary of sales & purchases for a given period. GST is a transaction-based system in which all your sales transactions must be on-time, complete and accurate.
3. VAT was managed offline, whereas GST is completely online.
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