What is the difference between input vat & out put vat?
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Answer Posted / 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
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