Reference no: EM133185165
Question - Beast Corp., a VAT registered business engaged in manufacturing cooking oil products, shows the following transactions during the taxable month:
Purchases of palm fruits 10,000,000
Actual input VAT on cans and supplies 600,000
Palm fruits used in the oil production 8,000,000
Export Sales, zero-rated 8,000,000
Domestic Sales, excluding VAT 12,000,000
How much is the VAT payable should the input VAT related to zero-rated sales be claimed as input tax credit?
How much is the VAT payable should the input VAT related to zero-rated sales be claimed as refund?