Ideal VAT system and Vision 2021

To sell a value-added product or service, you must issue an invoice with VAT to support each sale. VAT invoice means the purchase receipt. The VAT rule contains an invoice format, called Value Added Tax 1.5 “. The first program of the VAT and Supplemental Customs Act, 202 (VAT Law) contains a list of goods and services that are exempt from VAT. Invoices for goods should not be issued Or services shown in this list. In addition to all products and services, the invoice must be issued with VAT at the time of sale, and invoices printed with VAT are generally available for purchase in legal libraries according to the specific format of “VAT” Added 1.5 “. This book is also available at the front of the National Revenue Board. However, many companies print VAT books in their name.

The new version will be added to the MUSC-1.5 format, no field can be excluded. At least two copies of the invoice must be prepared With VAT, the first copy must be delivered to the buyer of the product or service, and the second copy will provide the seller for the product or service for a period of no less than five years However, you can prepare additional copies if the tax is required. The VAT invoice does not contain a specific color. To sell goods and services exempt from SRO, an invoice must be issued with value-added tax for the sale of goods or services. This is because VAT does not apply to these products or services; however, account holders must be protected. SRO states that these products or services will not be exempt from VAT if the accounts are not protected.

The general information provided in the VAT invoice is the seller’s name, the value-added tax registration number, the address, the buyer’s name, the value-added tax registration number, the destination of the product, the invoice number, the date and time of issue, the serial number of the product or service, the description, the supply unit, the quantity, the individual price, the total price, the amount of the supplementary tariff, and the tax rate On value added, its amount, specific value added tax and all other types of tariffs and taxes. The columns do not have serial numbers in the specified format for MUSK-1.6 “.

It is better to give a serial number of columns. Therefore you can take the columns by serial number. VAT invoice contains 4 columns. Finally, the responsible person the organization must have the name and surname In most cases, the VAT invoice is written in both printed and issued form, however, companies that store accounts using VAT using an approved program from NBR issue invoices that are set up on the computer in the same format. The invoice must be signed That is set up on the sleeve It is not necessary to sign invoices that were prepared through the electronic cash register (ECR) in the past, according to the value-added tax law, some companies declared their own invoices such as value-added tax invoices, such as electricity bill, gas bill , Washer bill, ECR bill prepared, Company receipt for insurance, Receipt of audit and accounting firm, AC bus ticket and CA launch, etc. New VAT law.However, these companies issue VAT invoices as before.

NBR campaigns to educate consumers with VAT bills.

NBR shall make an order in this respect. When buyers require invoices at the time of purchase, the tendency to abolish VAT is reduced. It can be assumed that the invoice is valid if the name, address, VAT registration number, etc. From the seller, print on the invoice. The box is located on the NBR website. If you entered the VAT registration number in the box, the enterprise details are floated on the screen when the registration number is correct. The VAT invoice verification process has not yet begun. There are some complications related to field work invoices.

It is important to discuss some of these issues. Advertising is a service subject to VAT. Previously, under the VAT Law No. 9, the rule was that to provide advertising services, the VAT invoice had to be verified by the revenue officer assistant or revenue officer in the office of the VAT department. Now he has no provisions. However, some VAT officials still require verification of the VAT invoice and send it to the ad. There is no rule for sending VAT invoice to the office department. Issuing two copies of the invoice with VAT. The first copy must be delivered to the buyer. The second copy will be stored by the seller. Often times, the buyer wants the bill bill as evidence of the VAT offer, which is incorrect. VAT must be sent before submitting the shipment.

To prepare the presentation, all taxes due must be added. All benefits must be deducted from the payment. All additional settings must be added to the status quo. All limitation settings must be rolled out. Therefore, the case that can be found is net vat. Net VAT must be deposited in the treasury bill. Therefore, the bill can not be issued against a VAT invoice. It is the buyer’s responsibility to validate the VAT invoice. I heard that some VAT officials say that VAT deduction, rental homes, etc. At the source, it must be submitted through the treasury bill without modifying the increase. this is not true. There is another problem with issuing VAT invoices, let’s say the magazine prints ads. The magazine published advertisements for the Foundation five days at different times of the month.

An invoice was issued with VAT at the end of the month. I heard, some officials say that five VAT invoices should be issued with five declarations. In accordance with Article 4 of the VAT Law, the VAT invoice must be issued on or before the date when the tax on the taxable offer must be paid. The invoice should be issued only after providing the service. But in many cases, this is unrealistic. Let’s say the floor cleaner cleans the office floor. Every day from seven to eight in the morning, they work one hour. Issue an invoice using VAT in the first week of the following month when the month ends.

It is not realistic to issue a VAT invoice daily for this service. In the case of service, the invoice is generally considered a supply. In cases where the service is provided repeatedly to the same subscriber, the VAT invoice is usually issued for a period of one month for a period of time. However, it is better for the VAT invoice to show the date, amount, etc. From each service provided. Delegates under Rule 3A are empowered to issue clarifications on these matters. Some service providers do not tend to issue invoices using value-added tax, which is a threat to collect government revenue. VAT is the consumer tax. Seller will add VAT to its price. An appropriate sales invoice is a prerequisite for an ideal VAT system for all sales. We haven’t reached that level yet. Policy makers, implementers, taxpayers and advisors should be more careful in achieving this goal. The importance of the standard value-added tax system is of great importance in implementing Vision 2021 and 28.

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