Detailed accounts of taxes payable by general taxpayers

Answer: Provisions of the Ministry of Finance on Accounting Treatment of Value-Added Tax (1993) Accounting No. 83

Enterprises should Set up the "VAT payable" detailed account under the "Tax payable" account. In the "VAT payable" detailed account, you should set up "input tax", "tax paid", "output tax", "export tax" Columns such as "Tax Refund" and "Input Tax Transfer Out".

The "Input Tax Amount" column records the value-added tax paid by an enterprise to purchase goods or receive taxable services and is allowed to be deducted from the output tax. .The amount of input tax paid by an enterprise for purchasing goods or receiving taxable services is registered in blue letters; the amount of input tax that should be written off when returning purchased goods is registered in red letters.

The "Taxes Paid" column records the enterprise The amount of value-added tax paid. The amount of value-added tax paid by the enterprise is registered in blue letters; the amount of refunded overpaid value-added tax is registered in red letters.

The "output tax amount" column records the enterprise's sales of goods or provision of taxable services. The amount of value-added tax that should be collected. The amount of output tax that should be collected by an enterprise for selling goods or providing taxable services is registered in blue letters; the amount of output tax that should be written off when returning goods sold is registered in red letters.

"Export tax refund "Column, records the amount of refunded tax received by the enterprise for exporting goods subject to zero tax rate. After going through the customs declaration and export procedures with the customs, with the export declaration form and other relevant documents, it will declare to the tax authorities the refunded tax received for export tax refund. The amount of value-added tax refunded for exported goods , registered with blue characters; if the imported goods are returned or returned to customs after the tax refund is processed and the refunded tax is paid back, it is registered with red characters.

The "Input Tax Transfer Out" column records the purchased goods of the enterprise. , abnormal losses of products in progress, finished goods, etc. and other reasons that should not be deducted from the output tax, and the input tax transferred out according to regulations.

What does it mean to be a general taxpayer?

General taxpayers refer to enterprises and corporate entities whose annual taxable sales exceed the standards for small-scale taxpayers stipulated by the Ministry of Finance. VAT taxpayers whose annual taxable sales exceed the standards stipulated by the Ministry of Finance and the State Administration of Taxation If the standard for small-scale taxpayers is met, they should apply to the competent tax authorities for general taxpayer qualifications.

Calculation formula:

Basic formula: Amount of value-added tax payable for the current period = Amount of output tax for the current period -Input tax amount for the current period.

Complete formula: VAT payable for the current period = output tax amount - (input tax amount - input transfer-out) - retained tax amount + simplified tax collection amount.

Calculation of output tax:

Output tax = sales (price excluding tax) × tax rate.

Sales excluding tax = sales including tax ÷ (1 + tax rate or collection rate).