Difference between vat payable and vat paid
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 May 2013
If my VAT payable is Rs. 120/- but after adjusting Input Tax credit of Rs.80/-.The Vat amount paid by me is Rs.40/-
Then is my VAT payable is Rs.40 or Rs.120/-
Is VAT payable amount inclusive of set- off.
Please Reply.
Then is my VAT payable is Rs.40 or Rs.120/-
Is VAT payable amount inclusive of set- off.
Please Reply.
CMA Ramesh Krishnan
(Expert)
04 July 2013
Actual vat payable is Rs.120
Paid by input Rs. 80
Paid by Cash Rs.40
Paid by input Rs. 80
Paid by Cash Rs.40
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