Answer Posted / nitin

when u r selling sumthing , u you are liable to pay tax to
the govt(vat,cenvat)...this tax being a liability , you
credit it...

but you also pay this tax when you purchase somthing as the
seller will add his own tax liability to the cost of the
product...tax is levied on you indirectly...since you have
now already paid the tax it becomes an asset...

asset-liability = tax payable/refund

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WHERE WE CAN USE VAT 5%,14.5%

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