VAT Form-VAT 100 payment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 March 2010
Dear Experts,
VAT output - VAT input=VAT payable
is it correct?
For example:- VAT input for the Particular month - VAT output for the particular month= VAT Payment for that Particualr month please let me know is it correct?
VAT output - VAT input=VAT payable
is it correct?
For example:- VAT input for the Particular month - VAT output for the particular month= VAT Payment for that Particualr month please let me know is it correct?
Vishnu Saboo
(Expert)
18 March 2010
VAT OUTPUT- VAT INPUT = VAT PAYABLE(IF RESULT IS POSITIVE) IS CORRECT.
BUT IT IS NOT FOR THE PARTICULAR MONTH ONLY.
SUPPOSE IF YOU HAVE SOME UNADJUSTED VAT INPUT CREDIT FROM PREVIOUS MONTH OF EARLIER, THEN YOUR VAT INPUT SHALL BE UNADJUSTED VAT INPUT + VAT INPUT FOR CURRENT PERIOD = TOTAL VAT INPUT CREDIT.
THEREFORE THE FARMULA SHALL BE VAT OUTPUT-TOTAL VAT INPUT CREDIT = VAT PAYABLE (IF RESULT IS POSITIVE, ELSE IT WILL BE CARRIED FORWARD)
BUT IT IS NOT FOR THE PARTICULAR MONTH ONLY.
SUPPOSE IF YOU HAVE SOME UNADJUSTED VAT INPUT CREDIT FROM PREVIOUS MONTH OF EARLIER, THEN YOUR VAT INPUT SHALL BE UNADJUSTED VAT INPUT + VAT INPUT FOR CURRENT PERIOD = TOTAL VAT INPUT CREDIT.
THEREFORE THE FARMULA SHALL BE VAT OUTPUT-TOTAL VAT INPUT CREDIT = VAT PAYABLE (IF RESULT IS POSITIVE, ELSE IT WILL BE CARRIED FORWARD)
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