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How much is the vat payable should the input vat related

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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?

Reference no: EM133185165

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