Tuesday, September 8, 2015

VAT (VALUE ADDED TAX) INPUT TAX AND OUTPUT TAX WITH CALCULATING METHOD


























VAT is a malty stage tax that means  it is calculated each and every stage of a good and services. it is imposed at different stage of manufacturing and at final sale.
for example
If you take a product X what ever
the X is manufactured by  company (whatever) ,for manufacturing this product X the company requires some inputs like raw materials and parts from other suppliers.For buying these inputs this manufacture want to pay a VAT.
So the manufacture of the product X  has paid VAT for the inputs.
Therefore the VAT charged from the supplier side to manufacture is called Input Tax

Now the product X is completed so it is end product.
 A consumer come to buy the product X
 So now the consumer want to pay the VAT for this end product

It means the consumer payed the  VAT on added value.
  Here, the VAT payed from the consumer side to the manufacture that is called as Output Tax

So the VAT is calculated the different between the output tax collected at  a time of sales and Input Tax paid at the time of Purchases.


TALLY 09 QUESTIONS WITH ANSWER BY Nirushiga