vat tax amout

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manoj patel (Querist)
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19 January 2011 what is amount payable as vat txa?

diffrence between amount of vat on purchase and sale is payable or what?

what happen if amount of vat on purchase is more and second if amout of vat on sale is more?

Ravikant

Ravikant (Expert)
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19 January 2011 Vat on purchase is claimable as a set off from vat on sales
Vat on Sale is Payable to govt.
If Vat on Purchase is more than Vat on sale, there is excess credit which can be carried forward to subsequent period for set-off.

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