Hi here is SA we are charged vat which is a flat rate of 15%. My sales invoice excluding vat is R 2558497.3. My sales invoice including vat is R 2 942 272. The vat amount is R 383 774.70 which is reflected correctly on the Sales Invoice.
However, under Liabilities SARS vat, the vat is shown as R 441,340.79. why is this so?
Here is a breakdown of the sales invoice :
Sub-total R 2,558,497.30
VAT R 383,774.60
Total R 2,942,271.90
Less: Receipt — 3/5/2020 R 2,400,000.00
Less: Receipt — 3/13/2020 R 542,270.98
Balance due R 0.92
Why is the vat under liabilities not the same as vat on the sales invoice?