Question

Define Input Tax related to VAT.

Answer 1

Answer:

Heya mate.....

Input VAT is the value added tax added to the price when you purchase goods or services that are liable to VAT.

Hope it helps.....

Answer 2

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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).

Hope it's help ✌️ ✌️