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what is vat ? due date for pymt ? return forms ? how input
credit taken ?
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Answer Posted / sreeju336@gmail.com
VAT means Value Added Tax on Purchase & Sales of a trading
Firm. Two type of tax are there- Input Tax = Tax on
Purchase Value. Out put Tax= Output tax is the VAT charged
on the sale of taxable goods by a registered dealer
assigned with TIN. At the end of every month the difference
between Input tax and Out put Tax (Known as input Tax
Credit), should be fimd out. If Input Tax is excess than
output tax, firm is entitled for refund. if reverse, he is
liable to pay the difference. Commenly it VAT for a month
should be filed within 15th of the succeeeding month. At
the end of F.Y an annual return also to be submitted.
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