1. How many types of vat?
2. What is the sales tax purpose?
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Answer Posted / riyaz ahmed
There are two types of VAT:
Output VAT
Input VAT
OUTPUT VAT is charged by a business and is paid by its customers. (in this case it is, VAT on its output supplies).
INPUT VAT is paid by a business to another businesses on the supplies that it receives (in this case it is, VAT on its input supplies).
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