Question

Define Input Tax related to VAT.

Answer 1

Answer:

Step-by-step explanation:

Input tax is the tax paid on purchases by a registered dealer in course of its business. ... When a dealer that is registered for value added tax (VAT) buys goods or services from another supplier, VAT is charged and is a particular percenta.. and so on..

Answer 2

Input tax - tax paid by a taxable person on goods or services purchased.

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).

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