What is a tax adjustment?
What is a tax adjustment?
tax adjustments or improving the tax structure By recording, adjusting the purchase tax - sales tax, divided into 2 cases as follows
Case 1 input tax is more than output tax Entrepreneurs can request a refund of value added tax (VAT) from the Revenue Department with the following formula:
Sales tax = Total revenue from all sales x VAT 7%
Input tax = Total purchase amount x VAT 7%
Value Added Tax (7% VAT) = Sales Tax – Input Tax
example
In January 20XX, the business made money from selling products in the amount of 100,000 baht and buying products for sale in the amount of 120,000 baht. VAT calculations are in the following format.
Sales tax = 100,000 x 7% = 7,000
Input VAT = 120,000 x 7% = 8,400
VAT = 7,000 - 8,400 = 1,400
Therefore, in January 20XX, businesses can apply for a VAT refund from the Revenue Department in the amount of 1,400 baht by February 15, 20XX.
Case 2: The output tax is greater than the input tax. The operator must pay value added tax (VAT) to the Revenue Department. which has the following formula:
Sales tax = Total revenue from all sales x VAT 7%
Input tax = Total purchase amount x VAT 7%
Value Added Tax (7% VAT) = Sales Tax – Input Tax
example
In January 20XX, the business made money from selling products in the amount of 200,000 baht and buying products for sale in the amount of 120,000 baht. The calculation of VAT will be in the following format.
Sales tax = 200,000 x 7% = 14,000
Input VAT = 120,000 x 7% = 8,400
VAT = 14,000 - 8,400 = 5,600
Therefore, in January 20XX, businesses are required to pay Value Added Tax (VAT) to the Revenue Department. In the amount of 5,600 baht within February 15, 20XX
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