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Define input tax DEFINE INPUT TAX & OUT PUT TAX out put tax ?

Tax Accounting
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Question added by Saji George , Finance Manager , MOUNT OF LIGHT MEDICAL COMPANY LTD
Date Posted: 2018/01/30
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DEEN MOHAMMED
by DEEN MOHAMMED , Audit Manager , Ayyavoo & Co

Input Tax:

Tax paid at the time of purchase of GOODS or PRODUCT is called Input TAX

Output Tax:

Tax collected at the time of Sale of GOODS or PRODUCT is called Output TAX.

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