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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VAT Setoff
Replies (2)
| Originally posted by : Lakshmipriya | ||
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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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Yes,
You can set off Input vat paid against Output vat collected irrespective of vat rates.
Subramanya
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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