Retail
VAT Output on Retail Sales (Jordan 16%)
Summarizing total VAT collected on retail sales during the month for ISTD filing.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| VAT Output Tax Payable (Collected) | Liability (-) | 8,000.00 | - |
| VAT Input Tax (Purchases) | Asset (-) | - | 5,000.00 |
| Net VAT Payable to ISTD | Liability (+) | - | 3,000.00 |
💡 Accountant's Note
Net VAT payable = Output VAT (collected from customers) - Input VAT (paid on purchases). Only the net difference is remitted to the ISTD monthly.
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