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Question
What is the difference between input vat & out put vat?
 Question Submitted By :: Accounting-AllOther
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
as shishupal posted answer in that example he did an
calculattion mistake


i.e.,
purchase 2000+ input tax@4% 80 = 2080 (total cost)

sold 3000+ output tax@4% 120 = 3120 (total collected from
customer)


vat payable = output vat - input vat
=120 - 80 = 40


total profit = 3120-40-2080 = 1000 RS
 
Is This Answer Correct ?    48 Yes 6 No
Bharath Kumar
 
Answer
# 2
Actually, We purchased materil wihtin state and paid tax
that is called Input Tax

Exm. (Input Tax)-Mobile Purchased in Haryana for Rs. 2000/
and Vat Tax 4 % total Cost Rs. 2000+800= 2800 (800/ is
Input Tax)

Exm. (Output Tax)Mobile Sold of Rs. 3000/- & charged vat 4
% taotal collection rs. 3000+1200= 3200 (1200/ is output
tax)

Vat Payable = Output vat - Input Vat
= 1200 - 800
VAt Payable is Rs. 400/-

Please leave your comment

Thanks
 
Is This Answer Correct ?    60 Yes 26 No
Shishu Pal Yadav
 
 
 
Answer
# 3
Concept of Input Vat and Output Vat
Case 1
Mr.A purchase the goods Rs 1100 and vat is 100 again that
goods sold my me to Rs 2200 and Out put tax 200

In the above case 1, Out put 200 and input vat 100. so Mr.A
paid 100 tax
 
Is This Answer Correct ?    7 Yes 3 No
Vijaya Kumar
 
Answer
# 4
as shishupal posted answer in that example he did an
calculattion mistake


i.e.,
purchase 2000+ input tax@4% 80 = 2080 (total cost)

sold 3000+ output tax@4% 120 = 3120 (total collected from
customer)


vat payable = output vat - input vat
=120 - 80 = 40


total profit = 3120-40-2080 = 1000 RS
 
Is This Answer Correct ?    4 Yes 0 No
Praveen.ysd
 
Answer
# 5
Input Vat means the tax imposed on purchase. (which already
taken by the seller)
and similarly out vat means the tax chargred on selling
items. (which to be collected or received from the buyer)


if the input vat is Rs. 100 and out put vat is Rs. 125 the
vat will be paid (Rs. 125- Rs. 100)Rs. 25/- to the
respective department
 
Is This Answer Correct ?    4 Yes 2 No
Susanta Kundu
 
Answer
# 6
The question is about the input vat and out put vat. His
intention to know when the input and out vat accounts will
be created. But you both answered an assumed question. The
question or answer should be clear and accurate.
 
Is This Answer Correct ?    6 Yes 6 No
Krushna
 
Answer
# 7
I made a calculation mistake toward Input vat & Output Vat


Mr Bharat is right
 
Is This Answer Correct ?    3 Yes 3 No
Shishu Pal Singh
 
Answer
# 8
Sishupals calculator did a mistake. instead of 4% 40% was
taken in both the cases
 
Is This Answer Correct ?    2 Yes 2 No
Guduri
 
Answer
# 9
hi friends, my answer here is if we purchases a computer
rs25000 and vat rate is 14.5%. then total amount is
rs28625.and now we are going to sell the same computer
rs30000 and output vat is 4350.so the difference between
input vat and output vat is rs34350-rs28625.the very
difference is rs 5725.that amount should have to pay to the
govt.
 
Is This Answer Correct ?    2 Yes 7 No
M Shasha Vali
 

 
 
 
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