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VAT PAYABLE

ramya sriram

CAN THE PURCHASE VALUE BE MORE THAN THE SALES VALUE & THE RESPECTIVE PURCHASE VAT IS LESS THAN THE OUTPUT VAT.

IF THIS IS THE CASE THEN HOW IS VAT PAYABLE

Understanding VAT: Purchase Value Can Exceed Sales Value with Lower Purchase VAT Due to Schedule Entry Rates. A user inquired whether the purchase value can exceed the sales value while the purchase VAT is less than the output VAT, questioning how VAT is payable in such a scenario. A respondent clarified that it is possible for the purchase value to be higher than the sales value and for the purchase VAT to be less than the output VAT. This occurs because VAT rates are determined by the Schedule Entry of the VAT Act, which may result in different rates for purchases and sales. Therefore, the situation must be handled according to the applicable rules. (AI Summary)
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