Answer Posted / ajay
set off is related to taxes.for i.e. vat tax
if vat output is higher than vat input than we have to pay
the excess vat payment which we get after subtracting vat
output with vat input.
vat output-3000/-
vat input-1500/-
---------------
payble amount 1500/-(it is the amount which is due after
sett off)
if input is higher than output than excess of output is
carried forward.i.e.
vat input- 3000/-
vat output-1500/-
----------------
vat carried forward - 1500/-(it is the amount which is
carried forward)
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