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Input or output vat

ROHIT (ACCOUNTANT) (52 Points)

03 July 2012

What is input or output vat ? And what is the rates for diffrent products.

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5 Replies

Ajit kumar Dubey (Taxation Manager) (637 Points)
Replied 03 July 2012

It is too simple to put it in few pages. Query is not tenable.

Sneha dagli (étudiante) (197 Points)
Replied 03 July 2012

Tax paid on purchase of goods is input vat and that charged on sales is output vat. output vat is payable to government after claiming setoff of input vat

Sneha dagli (étudiante) (197 Points)
Replied 03 July 2012

Tax paid on purchase of goods is input vat and that charged on sales is output vat. output vat is payable to government after claiming setoff of input vat. rates differ from state to state

silvi ubal gomes (Awaiting Final Result) (82 Points)
Replied 03 July 2012

Vat which is payable or paid by the buyer when it purchases the goods is called input vat. This input vat can be used to set off the liability payable when goods are sold which is called as the output vat. Rates are specified in the schedules.