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.
VAT stands for the Value Added Tax. The definition of input VAT is the tax that is added to the price when you buy services or goods liable to VAT.
Assuming that we are a registered VAT vendor, when we make a purchase from a non-VAT vendor we cannot claim any VAT input from the purchase due to the fact that no VAT was charged on the supply by the supplier who is a non-VAT vendor.
Credit
Asset.
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.
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
VAT stands for the Value Added Tax. The definition of input VAT is the tax that is added to the price when you buy services or goods liable to VAT.
Assuming that we are a registered VAT vendor, when we make a purchase from a non-VAT vendor we cannot claim any VAT input from the purchase due to the fact that no VAT was charged on the supply by the supplier who is a non-VAT vendor.
TRUE
Credit
Asset.
an deferred revenue is known as accounting
of Defer
please help me to create 5% input vat and purchase @5% in tally 9.0