What is VAT Balance under Indian Tax
The details about VAT Balance under Indian Tax are explained here.
VAT Balance:
In nutshell VAT Balance Means Output Tax minus Input Tax
In simple words input tax is the tax paid by a dealer on local purchases of business inputs, which include goods that he purchases for resale, raw materials, capital goods as well as other inputs for being used directly or indirectly in his business. Output tax is the tax charged by a dealer on his sales that are subject to tax.
Thus, it is clear that CST cannot be an input tax as it is leviable on purchases made by the dealer from outside the State. Likewise, custom duty paid on imported inputs cannot also be an input tax as it is leviable on purchases made by the dealer from outside the country.
Input Tax
It is the tax paid or payable in the course of business on purchase of any goods made from a registered dealer of the state.
Output Tax
It is the tax charged or chargeable under the Act, by registered dealer for the sale of goods in the course of business.
The information provided here is about VAT Balance under Indian Tax. If you would you like to add more information about VAT Balance under Indian Tax, share below your thoughts.
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