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what is vat sett off? service tax?
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Answer / h.r. sreepada bhagi
VAT (Value Added Tax) is applicable on Purchase & Sale of
Products / Goods. VAT paid on purchase of certain inputs can
be adjusted on VAT payable on the goods sold & this is
called set off (Input Tax is set off against the output VAT
and excess of VAT output tax is paid to Govt.)
Service Tax is applicable on certain services and the tax on
eligible services received can be set off against the tax on
services rendered and net tax needs to be paid to the
government.
In both the cases in Input tax is more than the taxes
collected, then the difference can be carried forward.
For more information read VAT Act of any State Government or
Service Tax Act of Central Government in India.
| Is This Answer Correct ? | 24 Yes | 1 No |
Answer / manisha
Vat or Service Tax Set off means during the financial year
how much Vat or Service Tax you have charges- how much Vat
or Service Tax you have recevied
Vat or Service Tax Set Off= (Opening balance (if any)
+(Receipt of Vat or Service Tax) - Payment of Vat or
Service Tax
and we need to pay the access amount to the goverment
| Is This Answer Correct ? | 11 Yes | 12 No |
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