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