During a quarter, ChenMitch Corp. made sales of goods amounting to P1,000,000 plus output tax of P120,000 for a total of P1,120,000. It also made sales of services amounting to P200,000 plus output tax of P24,000 for a total of P224,000.

During the same quarter, it made domestic purchases of P1,000,000 for goods for sale plus input tax of P120,000. It also hired the services of an independent contractor to repair the building used for both lines of activities for which it paid the amount of P50,000 plus P6,000 VAT. Its deferred input tax is P215,000 for which P200,000 is a carry-over input tax related to zero rated transaction.

ChenMitch received a credit memorandum for purchases returned during the quarter covering purchases made in the previous quarter amounting to P336,000, P36,000 of which adjustment pertains to input tax. It also filed a claim or refund of P200,000 of P200,000 input tax on zero rated transaction.

How much is the company's creditable input tax?