1. Input tax is the amount of VAT paid on goods or taxable services purchased in the current period. In business calculation, the figure after deducting input tax from output tax is the VAT payable.
2. Output tax: In the event of abnormal loss of goods purchased by enterprises (non-business loss) and change of use of the purchased goods (e.g., use for non-taxable projects, collective welfare or personal consumption, etc.), the input tax deducted should be paid through the "Taxes and charges payable -- VAT payable ( The input tax credit should be transferred to the relevant account through the "Payable Taxes and Charges - Payable VAT (Transfer of Input Tax)" account, and will not be deducted.
Expanded information:
VAT threshold:
Individuals who sell taxable items that do not reach the threshold for VAT are not required to pay VAT. VAT threshold, they are exempted from VAT; when VAT reaches the threshold, the full amount shall be calculated and paid. The starting point of VAT does not apply to individual enterprises recognized as general taxpayers.
If the tax is paid on a regular basis, the monthly taxable sales are 5,000-20,000 yuan (inclusive).
If the tax is paid every time, the sales per (day) are RMB 300-500 (inclusive).
Credit avenues
(1) The amount of VAT stated on the VAT invoice obtained from the seller;
(2) The amount of VAT stated on the duty-paid voucher obtained from the Customs;
(3) The amount of VAT paid on purchases of agricultural products, except for obtaining the VAT invoice or the Customs Import VAT Payment Certificate, is calculated according to the amount of VAT stated on the purchase invoice or sales invoice of the agricultural products and 13% of the purchase price of the agricultural products. (3) Input tax calculated according to the purchase price of agricultural products and the 13% deduction rate stated on the purchase invoice or sales invoice of agricultural products. Input tax calculation formula: input tax = purchase price × deduction rate
(4) the purchase or sale of goods and in the process of production and operation of transportation costs, according to the amount of transportation costs and 7% deduction rate specified in the bill of settlement of transportation costs calculated input tax. The formula for calculating input tax: input tax = amount of transportation costs × deduction rate
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