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At which stage of supply VAT becomes payable?

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In cases of taxable supply, VAT shall be payable in the event of any of the following activities whichever occurs first-

  1.  In case of ordinary supply-
    • When supply is delivered.
    • When invoice will be issued.
    • When value of supply will be received in full or in part.
  2. In case of progressive or periodic supply-
    • Separate invoice is issued against each.
    • When value of goods in part or in full will be received against each.
    • Value becomes payable.
    • When payable sum can be ascertained.

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