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  • VAT Set Off

    Uploaded by

    Shyam Ahuja
    22 views1 page
    This document illustrates how Input Tax Credit (ITC) is availed on VAT. It shows purchases of goods for Rs. 100 plus input VAT of Rs. 4, for a total of Rs. 104. The goods are then sold for Rs. 125 plus output VAT of Rs. 5, for a total of Rs. 130. The input VAT of Rs. 4 can be set off against the output VAT of Rs. 5.

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    ITC on VAT

    Original Title

    VAT set off

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    This document illustrates how Input Tax Credit (ITC) is availed on VAT. It shows purchases of goods for Rs. 100 plus input VAT of Rs. 4, for a total of Rs. 104. The goods are then sold for Rs. 125 plus output VAT of Rs. 5, for a total of Rs. 130. The input VAT of Rs. 4 can be set off against the output VAT of Rs. 5.

    Copyright:

    © All Rights Reserved
    Download as TXT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as txt, pdf, or txt
    22 views1 page

    VAT Set Off

    Uploaded by

    Shyam Ahuja
    This document illustrates how Input Tax Credit (ITC) is availed on VAT. It shows purchases of goods for Rs. 100 plus input VAT of Rs. 4, for a total of Rs. 104. The goods are then sold for Rs. 125 plus output VAT of Rs. 5, for a total of Rs. 130. The input VAT of Rs. 4 can be set off against the output VAT of Rs. 5.

    Copyright:

    © All Rights Reserved
    Download as TXT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as txt, pdf, or txt
    of 1

    An illustraton of how Input Tax Credit (ITC) is availed on VAT

    Dr Purchases 100
    Dr Input VAT 4
    Cr Cash 104
    Cr Goods Sales 125
    Cr Output VAT 5
    Dr Cash 130

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