on 10-18-2007 8:02 AM
Hi guys,
What is input tax credit?
syam
hi dev,
Input tax is nothing but tax paid on purchase of any item, which is included in the value of that particular item and it can be treated as an asset. coming to out put tax it is nothing but tax paid on sales that is on those items which are sold out for those we are liable to pay tax there fore it is considered as liability.
see the below site
http://help.sap.com/saphelp_erp2005vp/helpdata/en/e5/077dd14acd11d182b90000e829fbfe/frameset.htm
assign the points if help full
Ranjit
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