According to the relevant policy, the VAT credit period for VAT invoices held by VAT payers that are issued on or after July 1, 2017, is extended to 360 days from the previous 180 days. That is to say, within 360 days (non-working days are natural days) from the date of issuance, certify or log on the VAT invoice selection and confirmation platform for confirmation, and declare the offsetting of input tax amount to the competent state tax authorities within the stipulated tax declaration period.
Deductible input VAT refers to the amount of input VAT, or input tax for short, that should be subtracted from the output VAT when calculating the amount of tax payable, after the enterprise purchases raw and auxiliary materials and sells products in the course of production and operation.
Input tax is the tax incurred when purchasing goods, and can be offset against the output tax, such as input tax can be done as a retained tax for the next month, if the output tax is more than the tax should be paid to the tax department.
"Announcement of the State Administration of Taxation on the Cancellation of the VAT Deduction Voucher Certification Confirmation Deadline and Other VAT Levy Management Issues" (State Administration of Taxation Announcement No. 45 of 2019) stipulates that:
General taxpayers of VAT obtaining VAT special invoices issued on or after January 1, 2017, VAT special payment certificates for customs imports, VAT special payment certificates for motor vehicle sales, VAT special payment certificates for customs imports, VAT special payment certificates for motor vehicle sales, and so on. special payment certificates, unified invoices for motor vehicle sales, and electronic ordinary VAT invoices for toll road tolls, the deadlines for authentication and confirmation, audit and comparison, and declaration of deductions are canceled. Taxpayers should confirm the use of the above information of tax deduction vouchers through the comprehensive service platform for VAT invoices of the province (autonomous regions, municipalities directly under the central government and municipalities separately listed in the central government) when they make VAT tax declaration.