What is concept of input and output adjustments?
Answer:
The actual concept is input tax adjustment, which means that
to
work out net tax liability, the amount tax paid on the purchases is deducted from the amount of tax charged on sales of taxable goods
or services. This is also known as tax credit. Sections 25 to 34 of the Federal VAT Bill, 2010 relate to adjustments under different circumstances.
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