what is vat ? due date for pymt ? return forms ? how input
credit taken ?
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Answer Posted / tusar ranjan nayak
Vat is a tax where levi added on the product in every stage
of distribution.Means its a multipoint tax, where Input tax
is the Recivable & Out put tax is the paybale.suppose u
purchase an article of Rs 1000/- & pay 4% tax means 40/-
The 40 rupees you pay will be your Input tax and when u
sale that on Rs1600/- & collect 4% tax 64/- that 64 Rs will
be your Out put tax. so now u have to calculate vat payable
output tax - input tax = 64 - 40 = 24 will you have to pay
to Govt.Retunrn forms are Vat-201.
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