what is input tax, output tax

[Former Member]

what exactly input tax & output tax how we treat in balance sheet.(asset/liability)

expecting detailed information

[Former Member]

Hi

Input tax is the tax on Purchases

Output tax is the tax on Sales

usually it wont effect the B/S... if any deferred tax liability is there then only it will effect the B/S...

Hope this helps u

[Former Member]

Dear Sai,

Sales/Purchase Taxes:

http://www.ficoexpertonline.com/archive/Volume_04_(2005)/Issue_08_(September)/V4I8A3.cfm?session=

or

http://www.ficoexpertonline.com/ -> Archive -> Issue 08 of Volume 04

Regards,

Naveen.

[Former Member]

hi

input tax is nothing but tax paid on purchase of any item, which is included in the value of that particular item and it can be treated as an asset. coming to out put tax it is nothing but tax paid on sales that is on those items which are sold out for those we are liable to pay tax there fore it is considered as liability.

[sridevi_p]

Hi,

Input Tax - Purchase Tax

Output Tax - Sales Tax

U can configure in IMG-Fa-FA GS-Tax on Sales & Purchase

Regards,

Sridevi

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