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what is vat ? due date for pymt ? return forms ? how input
credit taken ?
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Answer Posted / bhawna
vat means value added tax levied on sales and purchase of goods, when it is paid on purchases it is called the output vat and when it is charged on sales it is called input vat. vat is paid on 25th of every next month.At the end of the month when vat return is filed by the assesse,he find the difference between input tax and output tax than he submit the return by this way he take the inout credit.
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