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How will the VAT reconciliation work in relation to input VAT against output VAT? What will be the starting point for input VAT?

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Question ajoutée par Pratik Ojha , accountant , alkhalij enterprises llc
Date de publication: 2017/02/25
Rafi Ahamed Kidwai  Mohamed saliq
par Rafi Ahamed Kidwai Mohamed saliq , State Tax Officer , State tax department

AS PER MY KNOWLEDGE VAT INPUT IE PURCHASE TAX CLAIMED BY THE DEALER HAS TO BE ELECTRONICALLY VERIFIED BY THE SELLER DETAILS. IF ANY MISMATCH FOUND THAT HAS TO BE COMMUNICATED TO THE OTHER END BY AN NOTICE AND IT HAS TO BE RECONCILED. IF THE VAT INPUT CLAIMED DOES NOT MATCH WITH OTHER END IT HAS TO BE REVERSED ELECTRONICALLY. 

Rana Ali Raza
par Rana Ali Raza , Manager Tax , Ernst & Young

Every registered person shall be required to charge VAT on all its taxable supplies. The VAT paid on purchases can be claimed as input tax in VAT return provided:

- The input tax has been paid to make taxable supplies

- The registered person has a valid VAT invoice in support of input VAT paid

- Input VAT can be claimed up to a period of 6 months

 

The difference of output VAT and input VAT shall be paid to the Tax authorities.

 

Please note that VAT is borne by the end consumers. The responsibilities of intermediaries (businesses) is to only pass on the VAT to end consumers and to act as collecting agents for tax authorities to collect VAT.

Sushil Thakur
par Sushil Thakur , International Tax Manager (Indirect Tax) , Maersk Global Service

any VAT paid on purchase and eligible to claim input tax will be offset against your liability of output tax. These taxes needs to report to Tax Authority in specified format and balance needs to pay/claim from Tax Authority. 

Anjaneyulu B
par Anjaneyulu B , Accountant , M/s D.M.R. Enterprises

Purchase the goods input vat, sales the goods output tax we can set off the input tax

 

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