input tax


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input tax

VALUE ADDED TAX paid on the purchase of goods and services used by a VAT registered person for the purpose of their business.
References in periodicals archive ?
Government has decided to speed up input tax refund to exporters.
Furthermore, a majority of the respondents claimed that they were not receiving GST invoices for many of their purchases, and brands were not passing the benefits of input tax credit to consumers, as per a survey conducted by citizen engagement platform, LocalCircles.
The tax payer would now see the current balance of input tax credit at the top of the screen.
Under the TRAIN Law, the VAT zero-rating for indirect exporters was removed, and replaced with an enhanced VAT refund system that returns creditable input tax within 90 days from the filing of the refund application.
Under the Tax Reform for Acceleration and Inclusion or TRAIN Act, an enhanced VAT refund system must be established to grant refunds of creditable input tax within 90 days of VAT refund application.
It might be possible for insurers to collect some portion of this amount from their corporate customers who can, in turn, claim this VAT on their tax returns as an input tax.
The hurdles to reclaiming VAT It might be possible for insurers to collect some portion of this amount from their corporate customers who can, in turn, claim this VAT on their tax returns as an input tax.
An exempt supply does not permit the supplier to charge VAT and also prohibits the supplier from recovering any input tax incurred in supplying the goods or services, thus turning input tax into a business cost which exempts supplies.
Tax Returns must include: The value of standard-rated supplies made in the tax period and the output tax charged; the value of zero-rated supplies made in the tax period; the value of exempt supplies made in the tax period; the value of any reverse-charged supplies received in the tax period; the value of expenses incurred in the tax period (if the business in question is looking to recover input tax and the amount of recoverable tax); the total amount of tax due and recoverable input tax for the tax period; and finally, the payable tax (or repayable) for the tax period.
New Delhi: Ahead of the Budget, industry chamber CII has sought redressal of issues related to GST compliance including filing of returns, matching of invoices and getting timely input tax credit.
To claim the input tax refund, exporters need to register themselves with the Federal Tax Authority (FTA) and get their Tax Registration Number.
The anti-profiteering measures are designed to ensure that the full benefits of input tax credits and reduced GST rates on supply of goods or services flow to the consumers.