What is the difference between input vat & out put vat?
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Answer Posted / shishu pal yadav
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/-
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