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Difference between vat payable and vat paid

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 May 2013 If my VAT payable is Rs. 120/- but after adjusting Input Tax credit of Rs.80/-.The Vat amount paid by me is Rs.40/-

Then is my VAT payable is Rs.40 or Rs.120/-

Is VAT payable amount inclusive of set- off.

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TKKKKKK

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TKKKKKK (Expert)
15 May 2013 vat payable is 40. after set off
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
04 July 2013 Actual vat payable is Rs.120

Paid by input Rs. 80
Paid by Cash Rs.40
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