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Over View of the basic VAT Concepts

Based on our understanding of requirements, we have devised a bespoke approach, to cater to your requirements, and to achieve the desired objectives of the assignment. VAT training will be to create awareness in the organization which will give business leaders of section/departments deep understanding of VAT. It will be quite helpful for the preparation of the VAT return and doing VAT compliance in the organization. We will cover the following aspects while providing Training:

  • VAT definition,
  • How VAT Works and its Strings
  • VAT Accounting
  • Impacts of VAT
  • Types of supplies
  • Tax Point (article 25 and 26)
  • Issuance of tax Invoice
  • Reverse Charge Mechanism
  • Place of Supply of goods
  • Place of supply of services
  • Deemed supplies
  • Input claim rules and procedures etc.
  • Transitional Rules
  • Compliance Requirement and Penalties
  • Tax Invoice and Tax Credit Note
  • Book Keeping Requirement
  • Tax Audits and Penalties