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What do you mean Truncated Base VAt?

Updated: 11/7/2022
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Rashid286693

Lvl 1
11y ago

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In some of the cases of goods and services producers and sellers face difficulties in availing VAT credit/adjustment facilities due to non availability of invoices from the sellers of input. In order to remove this operational difficulty fixed bases such as 10%, 25%, 30%, and 60% value addition is taken into account for calculation of VAT for a number of goods and services.

Ø Accountancy

Ø Advertising

Ø Agricultural

Ø Computer Repair Service

Ø Entertainment

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11y ago
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Q: What do you mean Truncated Base VAt?
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