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INPUT TAX11) Meaning
of Input tax10) Cash flow
impact of input tax
credit to
businesses9) Carry Forward /
Offsetting /
Repayment of
Input Tax Credit2) Entitlement of
input tax3) Blocked
input TAX
4)
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What is input tax?
Input tax is the amount of tax that a business pays on its purchases of goods and services that can be used as credit against the taxes it collects from its own sales.
Who is required to file input tax?
Businesses that are registered for value-added tax (VAT) are required to file input tax.
How to fill out input tax?
To fill out input tax, businesses must keep track of the VAT paid on their purchases and include this information in their VAT return.
What is the purpose of input tax?
The purpose of input tax is to prevent double taxation and allow businesses to recover the VAT they have paid on their inputs.
What information must be reported on input tax?
Businesses must report the amount of VAT paid on their purchases, the supplier's name, invoice number, and the date of the purchase on their input tax.
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