The interest, fees and penalties as per VAT act are described below: Interest for not depositing VAT on time: As per Sec. 26 of VAT Act, if a person fails…
Category:
VAT
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A person shall be registered in VAT under different conditions. According to Sec. 10(1), person going to start business of VAT attractive goods or services need to apply for VAT…
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The bank guarantee facility has been provided by the VAT Act to remove the hassle both for tax payers and administration (tax office). As we know, there shall be zero…
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Input VAT Credit of the stock lying at the time of registration : According to the VAT Act, vat credit can be claimed within 12 months of purchases if the…