Also, Jai Firm can recover the input VAT of $200 and adjust this amount against his output tax liability. With the conditions - Jai Firm will have to keep a proper record of the invoicing, receipt vouchers, and refund vouchers as proof to claim their input tax credit. What is Excise ...
Input and Output VAT Supplies, Goods and Services Categories of Supplies VAT Registration Date of Supply Rules Place of Supply Rules Value of Supply Rules VAT Exemptions Value Added Tax Key Terms - II VAT Calculation When should VAT be accounted for?
Regarding VAT for services, it is the customers’ place of establishment that is considered the relevant location for tax purposes. Unless such person is a non-taxable entity; if this is the case, the site of the supplier is where the tax will incur. VAT liability applies to all transaction...
Posting of Revenue/Sales, includes Output VAT Posting of Payments / Cash, Cheques, Bank Transfer Petty Cash Accounting Posting of Purchase, includes Input VAT Material Payroll Accounting Fixed Assets, Depreciation Accounts Receivable Credit and Debit Adjustments ...