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What is the difference between input vat & out put vat?
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Answer / bharath kumar
as shishupal posted answer in that example he did an
calculattion mistake
i.e.,
purchase 2000+ input tax@4% 80 = 2080 (total cost)
sold 3000+ output tax@4% 120 = 3120 (total collected from
customer)
vat payable = output vat - input vat
=120 - 80 = 40
total profit = 3120-40-2080 = 1000 RS
| Is This Answer Correct ? | 132 Yes | 16 No |
Actually, We purchased materil wihtin state and paid tax
that is called Input Tax
Exm. (Input Tax)-Mobile Purchased in Haryana for Rs. 2000/
and Vat Tax 4 % total Cost Rs. 2000+800= 2800 (800/ is
Input Tax)
Exm. (Output Tax)Mobile Sold of Rs. 3000/- & charged vat 4
% taotal collection rs. 3000+1200= 3200 (1200/ is output
tax)
Vat Payable = Output vat - Input Vat
= 1200 - 800
VAt Payable is Rs. 400/-
Please leave your comment
Thanks
| Is This Answer Correct ? | 109 Yes | 54 No |
Answer / vijaya kumar
Concept of Input Vat and Output Vat
Case 1
Mr.A purchase the goods Rs 1100 and vat is 100 again that
goods sold my me to Rs 2200 and Out put tax 200
In the above case 1, Out put 200 and input vat 100. so Mr.A
paid 100 tax
| Is This Answer Correct ? | 36 Yes | 7 No |
Answer / susanta kundu
Input Vat means the tax imposed on purchase. (which already
taken by the seller)
and similarly out vat means the tax chargred on selling
items. (which to be collected or received from the buyer)
if the input vat is Rs. 100 and out put vat is Rs. 125 the
vat will be paid (Rs. 125- Rs. 100)Rs. 25/- to the
respective department
| Is This Answer Correct ? | 21 Yes | 4 No |
Answer / praveen.ysd
as shishupal posted answer in that example he did an
calculattion mistake
i.e.,
purchase 2000+ input tax@4% 80 = 2080 (total cost)
sold 3000+ output tax@4% 120 = 3120 (total collected from
customer)
vat payable = output vat - input vat
=120 - 80 = 40
total profit = 3120-40-2080 = 1000 RS
| Is This Answer Correct ? | 17 Yes | 6 No |
Answer / sumit
in above answer shasha miss calculate
on purchase 25000 @14.5 % vat input =3625
on sell 30000 @14.5 % vat out put is =4350
value added tax finally filled =4350-3625=725
margin where as 5000 is profit and 725 is liability against margin of 5000 rs
as vat out put
| Is This Answer Correct ? | 2 Yes | 0 No |
I made a calculation mistake toward Input vat & Output Vat
Mr Bharat is right
| Is This Answer Correct ? | 5 Yes | 7 No |
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