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What is the meaning of reconciliation?
Reconiciliation stands for sorting out the differences between two given Account statements.
Service Tax is levied by Central Government on professionals & service providers which is deducted & deposited by their clients/ customers while making payment to them.
TDS stands for Tax Deducted at Source. After end of year, assessment of tax is done & total tax payable is calculated. Out of this tax payable the Tax which has already been deducted while receiving payments from employer/clients (TDS) is adjusted & amount remaining is either paid or claimed for refund. in Nutshell, its tax paid in advance on your behalf by your associates.
VAT (Value Added Tax) stands for imposing tax only on value increased during process of manufacturing or sales. Generally the end seller gets credit equivalent to amount of tax which has been already paid by others.
regards
raj
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