What are the differences between provisions in the old and the new law in respect of…
The differences between provisions in the old and the new law in respect of registration and enlistment are as follows:
The Value Added Tax Act 1991 | The Value Added Tax and Supplementary Duty Act 2012 |
1. The main basis of registration or enlistment is geographical location. 2. If a company maintains more than one branch unit, more than one registration is generally applicable. 3. During the transfer of input or produced goods from one branch of a business concern to another, artificial supply has to be created, as tax has to be paid showing supply. 4. An institution having more than one registration, each unit of it is considered as separate individuals and every branch has to maintain separate accounts including payment of VAT, they have separate audits also. 5. BIN with 11 digits would be issued from which Commissionerate, Circle could be evident. 6. BIN is changed immediately after a change in address of the business concern. 7. Many a kind of documents were required for the purpose of registration. 8. Registration or enlistment was issued from the departmental office | 1. The main basis of registration or enlistment is the method of maintenance of accounts for the institution. 2. Even if a company maintains more than one branch unit, a single registration is generally applicable. 3. During the transfer of input or produced goods from one branch of a business concern to another, artificial supply need not be created, as that is not considered as supply. 4. An institution having a single registration for more than one branch unit, each unit of it is not considered as separate individuals and every branch need not maintain separate accounts including payment of VAT, rather needs to maintain accounts for the concerned branch only. 5. BIN with 9 digits is issued from which Commissionerate, Circle can’t be evident. 6. BIN is not changed even if the address of the business concern is changed. 7. No documents are required for the purpose of registration. 8. Registration or enlistment is issued from the Commissionerate Office. |
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