What is VAT? How is it calculated? What is it most like (or similar to)?
VAT is the short term of Value Added Tax, which is a form of consumption tax collected incrementally based on the value added in each stage of the production of the goods and services. Value added tax is calculated by two methods, namely, credit invoice method and account based method. Credit invoice method is the most widely used method and it is done by taxing the customer on sales transactions with the customer informed of the VAT on the transactions. The other method, at the end of a reporting period, the value of all taxable sales are calculated and then the sum of all taxable purchases, then the difference is obtained and VAT is imposed.
Now let's see how Input and Output Tax are calculated: Input VAT: Amount paid by a buyer as a percentage of cost price for goods/services used to make a final product Say the Cost Price of a goods/services is = INR 100 Assuming the VAT rate to be 12.5%, Input VAT (VAT paid during buying) = INR 12.50.
What is VAT? How is it calculated? What is it most like (or similar to)?
VAT PHILIPPINES (Presentations similar to real business transactions will be appreciated) 1. Make a diagram or flowchart 1. 2. Start with a VAT-registered person selling to another VAT-registered person and last to the ultimate consumer. 3. Compute the Input Vat, Output Vat and Vat payable in each transaction.
Peep Stores and all its suppliers are registered VAT vendors, and VAT is calculated at 14%. The following information was extracted from the ledger of Peep Stores for the reporting period ended 28 February 2018: Trade inventories (1 March 2017) R277 500 Purchases R820 000 Freight (in) R80 000 Freight (out) R120 000 Total sales R1 252 500 Additional information: R 277 500 820 000 80 000 120 000 1. 1 252 500 During June 2017 goods were sold on...
VAT (Philippines) - Presentations similar to real business transactions will be appreciated. 1. Make a diagram or flowchart (fictitious case) 2. Start from a Value Added Tax-Exempt person transacting to a Value Added Tax-registered person. From the Value Added Tax registered, two transactions happen 1) Export sale and 2)Local sale. 3. Compute the Input Value Added Tax, Output Value Added Tax and Value Added Tax payable in each transaction, if applicable
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