Voluntary VAT Registration
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your efforts are seriously appreciated, thank you
Hello sir,
great lecture. quick question what if a company sells zero rated products but buys only exempt supplies, will we still be able to claim input vat?
Hello sir
If a person will compulsory registered for VAT will he/she claim input VAT on assets and inventory or on services ?
What about the VAT amount that should be charged on a sale of an asset; is it going to be charged on original value, market value on the date of sale, historical value minus depreciation, or the agreed sales price with the buyer? Is it allowed to sell an asset under net book value for VAT tax purposes?
Sir in the Example of Vine Ltd Why were the Sales figure of 84000 taken as inclusive of VAT?
As this amount was the figure in result of the increased selling prices?
84000 is the revenue/sales made. the increase from 78000 was from the increase in sales price. they must register for VAT now. so now they are registered they have to pay the 20% vat, but as stated cannot increase price any more so the 20%vat has to be taken out of the profits.