what is vat ? due date for pymt ? return forms ? how input
credit taken ?
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Answer / sreeju336@gmail.com
VAT means Value Added Tax on Purchase & Sales of a trading
Firm. Two type of tax are there- Input Tax = Tax on
Purchase Value. Out put Tax= Output tax is the VAT charged
on the sale of taxable goods by a registered dealer
assigned with TIN. At the end of every month the difference
between Input tax and Out put Tax (Known as input Tax
Credit), should be fimd out. If Input Tax is excess than
output tax, firm is entitled for refund. if reverse, he is
liable to pay the difference. Commenly it VAT for a month
should be filed within 15th of the succeeeding month. At
the end of F.Y an annual return also to be submitted.
| Is This Answer Correct ? | 58 Yes | 7 No |
Answer / tusar ranjan nayak
Vat is a tax where levi added on the product in every stage
of distribution.Means its a multipoint tax, where Input tax
is the Recivable & Out put tax is the paybale.suppose u
purchase an article of Rs 1000/- & pay 4% tax means 40/-
The 40 rupees you pay will be your Input tax and when u
sale that on Rs1600/- & collect 4% tax 64/- that 64 Rs will
be your Out put tax. so now u have to calculate vat payable
output tax - input tax = 64 - 40 = 24 will you have to pay
to Govt.Retunrn forms are Vat-201.
| Is This Answer Correct ? | 29 Yes | 3 No |
Answer / b. balaramakrishna
VAT is charged for the sales and purchases by a company.
VAT is charged in the invoices of the company and at the
end of the month the vat payable amount will be known, same
as if the company made any purchases and vat paid, at the
end of the month the vat receivable amount will be known.
Then the difference of the VAT amount should be remitted to
the govt. And if the purchases of the company are more than
the sales of that company then also we have to pay the
difference to the govt.
| Is This Answer Correct ? | 50 Yes | 27 No |
Answer / santosh
what is vat ? due date for pymt ? return forms ? how input
credit taken ? and vat return form format
| Is This Answer Correct ? | 22 Yes | 7 No |
Answer / yogeeta deudani
VAT is value added tax.levied on purchase and sales of
goods...on purchase its input tax credit and sales is output
tax credit...output tax is adjusted over input tax
credit..due date of payment is 25th of every next month
| Is This Answer Correct ? | 4 Yes | 6 No |
Answer / bhawna
vat means value added tax levied on sales and purchase of goods, when it is paid on purchases it is called the output vat and when it is charged on sales it is called input vat. vat is paid on 25th of every next month.At the end of the month when vat return is filed by the assesse,he find the difference between input tax and output tax than he submit the return by this way he take the inout credit.
| Is This Answer Correct ? | 8 Yes | 17 No |
Answer / mohan chandra bhatt
Vat = Input Vat - Out Put = Vat Payable
Due date of Payment
25th of Every Month for last Month.
Input Credit
we should input credit
input credit :-when our out put tax less then input tax
| Is This Answer Correct ? | 18 Yes | 29 No |
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