Taxes are usually only applied at the point of purchase when ships or aircraft are in territorial waters. The High Seas are not territorial waters and therefore no taxes should be applied at the point
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To record audit fees with VAT, you would make the following journal entry: Debit the "Audit Fees Expense" account for the net fee amount, debit the "VAT Input Tax" account for the VAT amount, and credit the "Accounts Payable" or "Cash" account for the total amount (audit fee plus VAT). For example, if the audit fee is $1,000 and VAT is $200, the entry would be: Debit Audit Fees Expense $1,000, Debit VAT Input Tax $200, and Credit Accounts Payable $1,200.
It is an anual audit report the data or sales& purchase transfared from vat 100 &vat 120.
We are settling bills of contractors/vendors who serve us (a public sector autonomous unit of Government of India). We deduct either 2% in case of VAT registered number is available or 4% when VAT no is not regiestered. Please inform us in which cases VAT are applicable for any contract or supply work. Pleae give us a detail list. Samir Paul samirpaul@rbi.org.in
Yes, a person who is not a VAT vendor is generally required to pay VAT on services received from a VAT vendor. The VAT is typically included in the price of the services, and the VAT vendor is responsible for collecting and remitting that tax to the government. However, if the recipient of the services is a consumer or business that is not registered for VAT, they cannot claim back the VAT paid.
A person need to register for the purpose of vat before commencement ofProduction of goodsmanufacture of goodsRendering serviceImport of goodsExport of goods
The limit VAT declaration refers to the threshold at which businesses are required to register for Value Added Tax (VAT) and submit VAT returns. This threshold varies by country and is typically based on the annual turnover of the business. Once a business exceeds this limit, it must charge VAT on its sales, submit regular VAT declarations, and comply with VAT regulations. Failure to comply can result in penalties or fines.
The abbreviation VAT stands for Value Added Tax. Value Added Tax is a form of consumption tax and the purpose of VAT is to incentivise the production of critical resources required to sustain an economy.