answersLogoWhite

0

bhad mein jaa

User Avatar

Wiki User

11y ago

What else can I help you with?

Continue Learning about Finance

How can I reclaim VAT?

To reclaim VAT, you need to be a registered business that has paid VAT on goods or services. You can reclaim the VAT by submitting a VAT return to the tax authorities, detailing the VAT you have paid and the VAT you have charged. This process allows you to receive a refund for the VAT you have paid.


Why is vat collected?

Value Added Tax (VAT) is government applied tax on taxable supplies at different rates most of which is 15% in UK, while lower rate 5% and zero-rate are used as well. Let's say there is a company A,which manufactures cars and sells it to the distributors.Now the company A will charge VAT to distributor and include on the invoice. Now A has simply collected the VAT on behalf of government and has the liability to pay the VAT collected back to government. While the distributor can claim that paid VAT back from the government if the distributor is VAT registered.so by this point, government has actually received nothing,as it returned to the distributor whatever it received from the company A. Now, when the distributor sells the car to end-user, distributor charges VAT to that end-user and collects the VAT again on behalf of government, and pays the VAT collected to the government.As the end-user cannot be VAT registered, so he cannot claim the VAT paid from the government, so the government has now actually received the VAT inflow.


Differentiate between input VAT and output VAT?

Input VAT is the tax imposed on purchase whereas Output VAT is the tax charged on selling items


The vat output account has a debit balance or a credit balance?

normal balance of output VAT


What is the VAT rate for tin products in your country?

The VAT rate for tin products in my country is 20.

Related Questions

How do you solve vat question?

There are several different methods of solution for a vat question. The best one to choose really depends on what the question is.


How to calculate vat liability on works contract?

How to calculate vat on works contract


How do you calculate vat liability under works contract under delhi vat?

how to calculate vat liability under works contract under delhi vat


How do you calculate vat in tally?

How do you calculate VAT in Tally 9.0 & how to put bank transcation in tally


What is the formula you need to calculate vat?

Just use a VAT calculator


How do you calculate VAT?

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.


Calculate 15 percent vat in 545?

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


What are the types of vat in India?

There is only one type of VAT in India. VAT stands for Value Added Tax. There are however, different rates of VAT on different types of products.


How to calculate the am out of vat?

8f+z7*=u09. x5tx


Do the different methods to calculate GDP yield the same results?

Yes.


How do you calculate vat charged in Fiji?

selling price / 0.15


How do you calculate 20 percent vat?

The total times 0.2