It is charged at every point of sale, from manufacturing to sale to an end consumer.
The mechanism of input tax deduction ensures that the businesses act as tax agents or tax collectors on behalf of the government by collecting tax from the end consumers, account the collected amounts and pay the tax.
Get VAT ready before it is too late:
Manage your books of accounts with a VAT software. Your books of accounts act as evidence for minimum annual turnover threshold limit for VAT registration. Based on this, either you will be mandated to register or you can request for exemption from registration.
Thereby, you must ensure that your books of accounts are updated with accurate information. Start recording all your financial transactions in a VAT compliant way. Choose Tally VAT software solution which is accredited by the (GAZT) Tax Authority in the region and which will make your life easy.
For more information, contact us on 00966-583117703 or visit our website at www.manalpro.com/tally.