The report displays the VAT amount for each type of transactions together with total Output and Input Tax. It shows the VAT payable/Refundable amount, which is the difference between the Total Output Tax and Total Input Tax.
When Output Tax is greater than Input Tax, VAT Payable is Output Tax - Input Tax.
(Output Tax > Input Tax, VAT Payable= Output Tax - Input Tax)
When Output Tax is less than Input Tax, VAT Refundable is Input Tax - Output Tax. Balance Amount is carried forward to next period.
(Output Tax < Input Tax, VAT Refundable= Input Tax - Output Tax)
When Output Tax is greater than Input Tax, VAT Payable is Output Tax - Input Tax.
(Output Tax > Input Tax, VAT Payable= Output Tax - Input Tax)
When Output Tax is less than Input Tax, VAT Refundable is Input Tax - Output Tax. Balance Amount is carried forward to next period.
(Output Tax < Input Tax, VAT Refundable= Input Tax - Output Tax)
