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VAT Setoff

Lakshmipriya (audit assisstance) (29 Points)

01 March 2010

Can Input VAT 4% be setoff against output VAT12.5% and in the same way input VAT 12.5% be setoff against Output VAT 4% ???

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subramanya (Professional) (907 Points)
Replied 01 March 2010

Originally posted by : Lakshmipriya
	Can Input VAT 4% be setoff against output VAT12.5% and in the same way input VAT 12.5% be setoff against Output VAT 4% ???

Yes,

You can set off Input vat paid against Output vat collected irrespective of vat rates.

Subramanya

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CMA.Baskar.V (Cost Accountant) (400 Points)
Replied 03 March 2010

hi Lakshmi,

Yes,

you can setoff VAT input credit with VAT output tax irrespective of rates, but we need to maintained details of input credit by rate wise and the same need to file with sales tax department.

by CMA.Baskar.V

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