How much is the VAT payable as at January 31, 2020?
Galileo Lantanas, sole proprietor of GALLANT Enterprises, started business operations in 2019 as a non-VAT taxpayer. By the end of the year his sales exceeded P3,000,000 prompting him to register as a VAT taxpayer starting January 2020. The following information appeared in his records as of December 31, 2019:
Goods for sale (purchased from VAT suppliers)
|
Inventory value |
|
|
P |
120,000 |
|
Actual input tax paid |
|
|
|
3,500 |
Supplies used in business (purchased from VAT suppliers)
|
Inventory value |
|
|
P |
65,000 |
|
Actual input tax paid |
|
|
|
1,100 |
Goods and supplies (purchased from non-VAT suppliers)
|
Inventory value |
|
|
P |
35,000 |
|
Cost |
|
|
|
30,000 |
For the month of January 2020, sales and purchases amounted to P650,000 and P330,000, respectively, VAT not yet included.
How much is the VAT payable as at January 31, 2020?
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