Special VAT Rules
Here are some of the special VAT rules that we need to be aware of:-
Cut off period
When VAT is introduced companies should also take special care to decide whether a product or supply sold fall under which period, post or prior VAT. Special rules will be applied here to decide
What should we do when VAT comes into effect?
Register for VAT
The taxable person or the legal representative has to register at the Federal Tax Authority. The FTA will issue a Tax Registration Number (TRN) for each taxable person
What is VAT?
VAT, or Value Added Tax is an indirect tax. VAT is a tax that is implemented at each step of the supply chain. VAT only affects the final consumer, the business in between simply collect the tax and give it to the government.
Goods and Services Tax (GST)
Goods and Services Tax (GST) is an indirect tax throughout India to replace taxes levied by the central and state governments. It was introduced as The Constitution (122nd Amendment) …