Check sibling questions
Indirect Tax
Vat

Gross Product Variant

Deduction is allowed for all taxes on purchases of raw material and components.

However, no deduction for capital inputs.

 

Income Variant

Deduction is allowed for all taxes on purchases of raw material and components.

For capital goods, deduction for depreciation on capital goods allowed.

 

Consumption Variant

Deduction is allowed for all taxes including capital goods

Gross Product Variant

 

Income Variant

Consumption Variant

Output Vat

xx

     

Output Vat

xx

Output Vat

xx

Less

 

Less

 

Less

 

Input Vat On Purchases

xx

Input Vat On Purchases

xx

Input Vat On Purchases

xx

   

Depreciation of Capital Goods

xx

Input Vat  of Capital Goods

xx

Vat Payable

xx

Vat Payable

xx

Vat Payable

xx

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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 12 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.