Which is wrong? The input VAT carry-over is the excess of the input VAT over the output VAT in a particular month or quarter. The transitional input VAT is based on VATABLE beginning inventories in the month of registration as a VAT taxpayer. If the VAT is not billed or computed separately, the selling price stated in the invoice or receipt shall be deemed to be exclusive of VAT. The input VAT carry-over is the VAT over payment that appears after tax credits and payments are deducted against the net VAT payable.
Which is wrong? The input VAT carry-over is the excess of the input VAT over the output VAT in a particular month or quarter. The transitional input VAT is based on VATABLE beginning inventories in the month of registration as a VAT taxpayer. If the VAT is not billed or computed separately, the selling price stated in the invoice or receipt shall be deemed to be exclusive of VAT. The input VAT carry-over is the VAT over payment that appears after tax credits and payments are deducted against the net VAT payable.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which is wrong?
The input VAT carry-over is the excess of the input VAT over the output VAT in a particular month or quarter.
The transitional input VAT is based on VATABLE beginning inventories in the month of registration as a VAT taxpayer.
If the VAT is not billed or computed separately, the selling price stated in the invoice or receipt shall be deemed to be exclusive of VAT.
The input VAT carry-over is the VAT over payment that appears after tax credits and payments are deducted against the net VAT payable.
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