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If you can use VAT paid on equipment as a credit against VAT output do you depreciate it?
Wiki User
∙ 13y ago
According to IFRS IAS #16:
"The cost of an item of property, plant and equipment comprises:
(a) its purchase price, including import duties and non-refundable purchase
taxes, after deducting trade discounts and rebates."
If you are using the VAT input paid on equipment as a credit against the future VAT output received on sales, you would book the equipment cost net of VAT.
Wiki User
∙ 13y ago
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Is vat on credit sales debited to vat output?
yes because credit sales contains vat
What is the difference between output vat and deferred 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.
Objective of credit control?
Objective of Credit Control is to make proper channel to execute customers order from Production to invoicing and ends with collection of payment bearing in mind the achievement of the customers satisfaction as among the output.
When do you know when vat is due?
Input Tax paid on purchases (i.e. output tax collected in the purchase bills) is called Input Tax Credit. Input Tax Credit available on all purchase bills should be arrived (including the Input Tax Credit to be adjusted if any during the previous month). Input Tax Credit is eligible only on the taxable purchases made (from the registered dealers with TIN in force) within the State and VAT shown separately. VAT payable on the taxable sales or deemed taxable sales is called Output Tax payable. The input tax paid on the taxable purchases as above should be deducted from the output tax payable and if the output tax payable is greater than input tax credit, the balance amount to be paid to Government is called Output Tax due/payable. If the Output tax payable is lesser than the Input Tax Credit, the excess amount is called Input Tax Credit available and the same will be carried forward to the next month. The Input Tax Credit carried forward to the next months will be adjusted in the ensuing months. Thus the VAT liability will be calculated only after applying the above procedure at the end of the calendar month and VAT liability arises on the first day of the ensuing month in case of running concern. Reply From: ABHIVIRTHI Tax and Industrial Consultancy R.R.JAGADEESAN VAT PRACTITIONER AND INDUSTRIAL CONSULTANT H-63, Palaami Enclave, New Natham Road Madurai-625014. Cell: 9994990599
Journal entry of credit sale with vat?
simpleParty A/c Dr. (inclusive of vat)sale A/c Cr. (exclusive of vat)Vat output Cr.
What kind of computer hardware equipment are considered output devices?
There are many pieces of computer hardware equipment that are considered output devices. Some examples of computer output devices are speakers, headphones, monitors, and printers.
The vat output account has a debit balance or a credit balance?
normal balance of output VAT
What is a sentence using the word output?
The output of the average American factory increases as new equipment is introduced.
Is vat on credit sales debited to vat output?
yes because credit sales contains vat
In a bms system starting and stopping of a piece of equipment is through what type of point analog input analog output binary input or binary output?
In a BMS system, starting and stopping of a piece of equipment is through analog input analog output points.
What does AV output mean?
AV input is a common label on a connector to receive (AV) audio/visual signals from electronic equipment that generates AV signals (AV output). Audio video output is one of the most important connectors which output both audio and video signals from the electronic equipment. You can pay attention to the user manual of the electronic equipment you have bought from a well-known brand on online.
What is the piece of equipment that you use to measure an engine's output?
A dynamometer or "dyno".
What do you call equipment that allows you to put information out of a computer?
Output devices.
What is the difference between output vat and deferred 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.
What is audio output?
It is audio output from the device to be connected to other equipment. Commonly color coded as White = Left channel and RED = Right channel.
In a bms system starting and stopping of a piece of equipment is through what type of point analog input analog output binary input or binary output-?
In a BMS system, starting and stopping of a piece of equipment is through analog input points.
What is the output voltage from Milwaukee charger?
Milwaukee manufactured many battery operated types of equipment. Without knowing what type of equipment you refer to, an answer can not be given. Try looking on the nameplate of the charger. It should state an output voltage in DC volts.
