value added tax (vat)

What is Input VAT and Output VAT?

Input VAT is the tax that a business pays on purchases of goods and services. Output VAT is the tax that a business charges on its sales. The difference between the output VAT and input VAT is the amount that the business needs to pay to the tax authorities.

Frequently asked queries:

What is Value Added Tax (VAT)?
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What is Input VAT and Output VAT?
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What are Input and Output VAT?
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