output tax

Output Tax

In the United Kingdom, the value added tax that a business charges customers on the products it sells. This contrasts with the input tax, which is the VAT that the business pays on its inventory and other goods. If the output tax exceeds the input tax, the business must pay the difference to the government. On the other hand, if the input tax exceeds the output, the government refunds the difference to the business.

output tax

see VALUE-ADDED TAX.
References in periodicals archive ?
It will do this by accounting for the VAT due to it on VAT return (as a form of output tax) and simultaneously recover the input VAT on the same return.
For being a director of the Centre which had given incorrect information about its output tax and input tax in the Centres GST returns for 12 quarters for Years 2011 to 2013, without any reasonable excuse, resulting in GST being undercharged, Lye was ordered by the court to pay a penalty of $404,919 and a fine of $14,000 on 4 proceeded charges.
He noted that Expo 2020 is going to result in good numbers, but both input and output tax comes into play for VAT collection.
The businesses can avail the facility to deduct input tax (tax paid on purchases) from the output tax (tax collected on sales) and only remit the balance tax payable to the National bureau for Revenue.
However, the zero-rating provisions will obviously limit the total output tax payable
The amendment, which comes into effect from February 1, 2019, will see the IGST (Integrated GST) credit to be first utilised and only when such credit is exhausted will credit of CGST and SGST (State GST), if any, be utilised against output tax liability.
A key principle of a VAT system is the ability for a business to offset the VAT incurred on purchases (input tax) against the VAT charged on sales (output tax).
Input VAT deduction is a mechanism by which a VAT registered person can deduct input tax from the output tax for a period and only remit the balance tax payable to the Government.
output tax that leads to completely imbalanced and massive accumulation of refund claims which stand at around Rs.2 billion for Al Ghazi alone.
Consequently, in one unit, the amount of input tax is always higher than the output tax. The outcome is an anomaly on a perpetual basis and refunds are increasing on a regular basis.
The council pointed out that it had come to know that the government was considering revising the output tax to impose a flat 2% sales tax on all fertiliser products and withdraw the urea subsidy.
As for the requirements for tax returns, the Authority confirmed that the submission is made electronically and must include the value of standard-rated supplies made in the tax period and the output tax charged; the value of zero-rated supplies made in the tax period; the value of exempt supplies made in the tax period; the value of any reverse-charged supplies received in the tax period; the value of expenses incurred in the tax period (if the business in question is looking to recover input tax and the amount of recoverable tax); the total amount of tax due and recoverable input tax for the tax period; and finally, the payable tax (or repayable) for the tax period.