1. If the output tax in the current period is less than the input tax in the current period, the insufficient part can be carried forward to the next period for further deduction. 2. Formulas for calculating VAT payable by simple methods. Small-scale taxpayers selling goods or taxable services shall calculate the tax payable according to the sales amount and the prescribed collection rate by a simple method, and shall not deduct the input tax. The formula for calculating the tax payable is: tax payable = sales volume × collection rate. 3. Calculation formula of VAT payable on imported goods. Taxpayers make up imported goods according to taxable value and VAT.
2. Value-added tax is a turnover tax based on the value-added amount of goods (including taxable services) generated in the circulation process. From the tax principle, value-added tax refers to a tax levied on the value-added realized by units and individuals selling goods or providing processing, repair and replacement services and importing goods.
3. The special VAT invoice is designed and printed under the supervision of People's Republic of China (PRC) State Taxation Administration of The People's Republic of China for the use of general VAT taxpayers only. It is not only an important accounting voucher for taxpayers to reflect their economic activities, but also a legal voucher for sellers' tax obligations and buyers' input tax. It is an important, decisive and legal special invoice in value-added tax calculation and management. Carrying out special invoices for value-added tax is a key step of value-added tax reform. It is different from ordinary invoice, not only has the function of commercial voucher, but also the buyer has to pay value-added tax to the seller because of the tax deduction by invoice. It has the function of tax payment voucher.