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Form 501 Gujarat Vat

Form 501 Gujarat Vat

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Instructions and help about Form 501 Gujarat Vat

hi everyone um i'd like to welcome you to this uh vat master class uh with me neil de costa i am a senior tax lecturer at kaplan and um what we do at kaplan is we offer um accountancy and training courses for all the finance uh qualifications so um let's get cracking taking a look at this vat master class so in terms of vat v80 is a sales tax imposed on the final consumer okay so v80 is a sales tax imposed on the final consumer and as i'm sure all of you are aware the rate of v80 is 20 okay so the rate of pat is 20 now we call v80 on sales output v80 and we call vatn purchases input v80 so v80 on sales is called output v80 via tune purchases is called input v80 now if you sell a zero rated sales like exports you're you're not going to have any output v80 because obviously your final customer is outside the uk but you're still allowed to claim back input v80 on your purchases so if you sell zero rated sales you can still recover input v80 on your standard rated purchases alternatively i

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