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Deferred output tax is recorded by the seller for the sale of things on credit, and the standard output tax is recorded for the sale of things that were paid for with cash.
yes because credit sales contains vat
Just use a VAT calculator
simpleParty A/c Dr. (inclusive of vat)sale A/c Cr. (exclusive of vat)Vat output Cr.
Vat payable is the amount of vat collected on behalf of the tax authority and payable to them. In other words vat payable is an output vat levied on organisation's customers through the organisation's sales invoices for onward remittance to the tax authority subsequently.
The types of VAT........ 1 ) INPUT VAT @ 4 % 2 ) INPUT VAT @ 1 % 3 ) INPUT VAT @ 12.5 % 4 ) OUTPUT VAT @ 1 % 5 ) OUTPUT VAT @ 4 % 6 ) OUTPUT VAT @ 12.5 %
VAT that is charged by a business and paid by its customers is known as "output VAT" (that is, VAT on its output supplies). VAT that is paid by a business to other businesses on the supplies that it receives is known as "input VAT
Input VAT is the tax imposed on purchase whereas Output VAT is the tax charged on selling items
normal balance of output VAT
Deferred output tax is recorded by the seller for the sale of things on credit, and the standard output tax is recorded for the sale of things that were paid for with cash.
How to calculate vat on works contract
how to calculate vat liability under works contract under delhi vat
yes because credit sales contains vat
How do you calculate VAT in Tally 9.0 & how to put bank transcation in tally
Just use a VAT calculator
See the related link for a guide on VAT and how to calculate it. You can also use a VAT calculator such as the one in the related links.*To calculate the price before VATUse the reciprocal of the VAT percent, found as 100/(100 + VAT)e.g. for 15%, multiply by 0.87 (100/115) and that will bring you back to the approximate pre-VAT value.
If the 545 is inclusive of VAT then the VAT element is 71.08, however if the 545 is exclusive of VAT then the VAT would be 81.75