ICSE Class 10 Answered
How is the vat paid by a person is less than vat received by him on selling the same article. And how is that the vovernment receives the difference?
Asked by Itssouptik | 26 Jan, 2018, 10:41: PM
Expert Answer
VAT received by person should always be higher... Reason is whatever he has paid is given an Input VAT credit. Accordingly, the Govt. actually use to get the differential amount only
VAT Received - VAT Paid (Input Credit)= Amount due to Govt
Answered by Sneha shidid | 29 Jan, 2018, 10:32: AM
