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relating to vat

This query is : Resolved 
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(Querist)
17 July 2008




what is the differnce between output vat & input vat?
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Ram Avtar Singh

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Ram Avtar Singh (Expert)
17 July 2008 a)Out put Vat on sale
a)input vat on purchase
b)output vat to deposit in Bank
B)Input vat to be accounted in books for adjustment of output vat
C)output vat is Libility
C)input vat is Current Assets
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