In addition to easy invoice generation, Logistikor allows businesses to automatically calculate their input tax, output tax
, and VAT owed with the click of a button.
As per the announcement, now the Finance department has proposed to allow traders to carry forward the excess tax credit to next year to adjust the output tax
liability in the next tax period, the official said, adding that to implement this, a note will be tabled in the next cabinet meeting.
Further tax charged at 1% on supplies made to unregistered persons is being specifically excluded from the purview of output tax
The return shows: The VAT charged on your sales to your customers in the period - known as output tax
The VAT paid on your purchases - known as input tax If the amount of output tax
is more than the input tax, then the difference must be paid to HM Revenue & Customs (HMRC) with the return.
He declared the input paid by Craigievar Marquee Hire and Luxury Toilet Hire, a company registered for VAT purposes with him as the sole trader, was greater than the output tax
Parameters for sales Tax corporate are Imports in Customs differ from declared Imports in S/Tax returns by 5per cent ,Decline in value of supplies 10per cent over last year, Consistent decrease in output tax
/ input tax ratio over last three years (total 3per cent), Decrease in proportion of taxable supplies to total supplies in last three years by 10per cent in each year, Sales tax carry forward above 100(M), Where more than 30per cent purchases are from 'unregistered persons', Where more than 30per cent sales are to 'unregistered persons', Supply to blacklisted / suspended persons 50per cent.
In 1980, Ushr an output tax
, was levied on Muslim landowners, lessees and lease holders with exemption for certain fiqhs (sects).
Modifying provisions of the Cenvat Credit scheme to achieve a more realistic balance between input credits and output tax
and harmonizing the provisions of the scheme across goods and services
One might argue that a well-designed output tax
would give the same result as an emission fee.
ISLAMABAD: The Federal Board of Revenue (FBR) here on Friday allowed gas transmission and distribution companies to claim refund of excess input tax over output tax
in any tax period.
Because, economic theory suggests, VAT to be broad-based, efficient and not cascading-ridden (tax over tax); being a form of indirect tax it's burden rests on the ultimate consumers; it covers both goods and services in its net; it's collected in multi-stages where at each stage the registered person charges output tax
(from the consumer) on value of supply of goods or services and deducts input tax that he has paid earlier (thus while depositing VAT for a month on the date of filing of tax return taxpayer deposits a difference of output and input).
The output tax
is the sum total of tax payable + input tax adjustment The tax payable plus input tax is in turn, the sum of total of tax collected on domestic as well as on imports side.