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what is vat ? due date for pymt ? return forms ? how input
credit taken ?
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Answer Posted / b. balaramakrishna
VAT is charged for the sales and purchases by a company.
VAT is charged in the invoices of the company and at the
end of the month the vat payable amount will be known, same
as if the company made any purchases and vat paid, at the
end of the month the vat receivable amount will be known.
Then the difference of the VAT amount should be remitted to
the govt. And if the purchases of the company are more than
the sales of that company then also we have to pay the
difference to the govt.
| Is This Answer Correct ? | 50 Yes | 27 No |
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