What are the policies for immediate refund of VAT?

As one of the most important taxes in China, value-added tax involves many preferential tax policies, such as the common tax refund on demand. So what preferential policies are available immediately?

Which industries can enjoy the VAT that can be refunded immediately?

(1) The policy of resettling the disabled shall be revoked immediately.

For the units and individual industrial and commercial households that resettle the disabled, the tax authorities shall resettle the disabled according to the number of taxpayers, and the value-added tax will be refunded once it is collected.

The specific amount of monthly VAT refundable for each disabled person shall be determined by the tax authorities at or above the county level in accordance with the monthly minimum wage standard approved by the provincial people's government applicable to the district and county where the taxpayer is located.

(B) comprehensive utilization of resources, that is, the immediate policy.

Taxpayers who sell their own products for comprehensive utilization of resources and provide services for comprehensive utilization of resources can enjoy the policy of immediate collection and refund of value-added tax. The names, technical standards and related conditions of resources, products and services, and the tax refund ratio for specific comprehensive utilization shall be implemented in accordance with relevant state regulations.

(3) new wall materials, that is, the policy of immediate withdrawal.

The new wall materials in the Catalogue of New Wall Materials (hereinafter referred to as the Catalogue) attached to the Notice of the Ministry of Finance of State Taxation Administration of The People's Republic of China on the VAT Policy for New Wall Materials shall be subject to the policy of 50% refund upon collection.

(d) Software products will be refunded upon request.

The general VAT taxpayer sells the software products developed and produced by himself, and after the VAT is levied at the rate of 13%, the part with the actual VAT tax burden exceeding 3% will be refunded immediately.

(5) Other policies of immediate receipt and immediate refund.

VAT accounting entries that can be refunded at one time.

According to normal sales, revenue is recognized as follows:

Debit: bank deposit or accounts receivable.

Loan: income from main business

Taxes payable-VAT payable (output tax)

When paying VAT:

Pay the value-added tax payable this month this month.

Borrow: Taxes payable-VAT payable (taxes paid)

Loans: bank deposits

The value-added tax payable in the previous period should be paid this month.

Borrow: Taxes payable-VAT unpaid