Process of vat
This query is : Resolved
15 November 2019
What is input and output vat
And how it's work
Please explain the process
And how it's work
Please explain the process
15 November 2019
When ever we are purchasing the goods fro trading or manufacturing , VAT will be charged in the invoice . The VAT amount will be termed as input vat. When ever we are selling the manufactured goods or traded goods , we will raise invoice to customer. the VAT will be charged in sales invoice. That VAT is called as output VAT. While making payment for output vat you may adjust the Input VAT and balance payment can be made to Government
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