Question

Define Input Tax related to VAT.

Answer 1

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The tax paid by a dealer on his/her purchases of goods for resale(subject to tax under VAT) during any fixed tax perios is called Input Tax. The Input Tax is calculated on all taxable purchases at the applicable tax rates.

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Answer 2

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Input tax related to VAT or input VAT is a tax that is added to the goods and services when the goods are liable to VAT . If a person is buying something that is registered for VAT they can deduct the amount of VAT paid from his/her settlement with the tax authorities.