E-commerce
Monthly VAT Remittance to ISTD
Paying the net VAT liability (output minus input) to the Income & Sales Tax Department.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| VAT Output Tax Payable | Liability (-) | 4,000.00 | - |
| VAT Input Tax | Asset (-) | - | 2,500.00 |
| Cash in Bank | Asset (-) | - | 1,500.00 |
💡 Accountant's Note
The net VAT payable = Output VAT collected - Input VAT recoverable. Only the difference is remitted to the ISTD. If input exceeds output, a refund claim is submitted.
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