Reference no: EM132609767

Question - The following data pertain to the activities of a general contractor:

Total billings for the accomplishments for the period:

Service fee inclusive of VAT - 336,000

Construction supplies sold (VAT included) - 28,000

Actual amount collected for services rendered - 168,000

Total payments made to VAT persons for the period:

Construction supplies suppliers - 112,000

Sub-contractors (VAT Registered) - 56,000

Required - Compute for the following

a. Total output VAT for the period.

b. Total input VAT for the period.

c. Net VAT payable (to be remitted).