VAT Guide to Value Added Tax - sri lanka inland revenue ...

More documents

Recommendations

Info

15.8 Example of a VAT Account VAT Account – Output Tax(Supplies made) Taxable Period From …………….. to ……………… Item No. 1. 2. 3. . . Date of Issue of invoice or tax invoice Total for the Taxable Period Serial No. of Invoice or Tax invoice in respect of supplies made Output Tax charged Value of Supply (made) @ 10% @ 20% Date of Receipt cash/ Cheque of VAT Account – Input Tax (Supplies received) Taxable Period From …………….. to ……………… Item No. 1. Date of Receipt of Tax invoice Serial No. of tax invoice Suppliers VAT Reg. No Description of the purchase Name of the supplier Value of Supply received) Input tax Payable @ @ 10% 20 % Date of Payment of cash 2. 3. . . Total for the Taxable Period • Cash basis Registered Persons and those who make exempt supplies can have the following additional columns. Taxable Period During which Payment is made Input Tax directly attributable to taxable Supplies Input Tax Directly attributable to Exempt supplies 88
Chapter – 16 Import & Export of Goods & VAT 16.1 Export of goods – zero-rating What is meant by an export or an exporter is not defined in the Act. Exports are within the scope of VAT and are subject to VAT at zero-percent. Zero-rating is available only if the supplier of goods export such goods – Sec. 7(1)(a). what is meant by this is that the zero rating is available to the direct exporter only. Subject to this • All exports of goods * irrespective of the nature of goods and * including exempt goods * irrespective of the person exporting are zero rated. (Please see Chapter 25) • As stated above zero-rating is available to the direct exporter only. The registered person must have the relevant export documents in his name in order to be zero-rated. Submission of an export order and the export Cus-dec is not sufficient. Documents such as Boat Note to verify that the goods have been loaded to the ship or air-craft are essential. The other necessary documents may be the (export) invoice, bill of lading or air-way bill, certificate of shipment etc. In the case of exports by parcel post or courier service too documentary evidence should be available to prove that the export has in fact taken place. If a third party is handling the export on behalf of the exporter (eg. a fright forwarder) sufficient documentary evidence to that effect should also be available. • Any person who is exporting the export quota belongs to another person will not be eligible for zero-rating (i.e ship through transactions) 16.2 Deemed Exporter • Deemed exports are not zero rated because zero rating is available only to the actual export • The supply by the deemed exporter to the actual exporter must be considered as a local sale/local supply. • When a trading house or some other person which receives an export order get the required goods manufactured and exported through a manufacturer engaged in manufacture and export of such goods then the actual exporter is the manufacture. It is the manufacture cum exporter who is entitled to zero-rating. If 89
Page 1 and 2:
But for the best to the September 0
Page 3:
Preface The Value Added Tax Act was
Page 6 and 7:
Chapter - 1 Introduction 1.1 Purpos
Page 8 and 9:
However from the point of view of t
Page 10 and 11:
The following test which has been a
Page 12 and 13:
iv. Import of any fabric, yarn, gre
Page 14 and 15:
Chapter - 3 The definitions of conc
Page 16 and 17:
Eg. 1 : If “A” wants to termina
Page 18 and 19:
c. Time of supply in relation to su
Page 20 and 21:
Thus, any trade, business, etc. are
Page 22 and 23:
a business in Sri Lanka and not to
Page 24 and 25:
When the recipient is not a registe
Page 26 and 27:
• There are two types of registra
Page 28 and 29:
(ii) continued without making an ap
Page 30 and 31:
(d) (e) (f) input credit has been c
Page 32 and 33:
4.13 Activity Code Number “Suppli
Page 34 and 35:
the H.S. classification it may be b
Page 36 and 37:
5.8 Payment of tax on Assessments T
Page 38 and 39: 5.11. Collection of VAT on Imports
Page 40 and 41: 6.3 Approval For Deferment Facility
Page 42 and 43: iv. If an importer declares only pa
Page 44 and 45: 6.6 Deferment on Local Supplies (Te
Page 46 and 47: 7.4 Tax Invoice Tax invoice should
Page 48 and 49: 7.11 Use of tax fraction to compute
Page 50 and 51: Lower Rate - 10% Goods and services
Page 52 and 53: Chapter - 9 Calculation of Tax 9.1
Page 54 and 55: accounted for in respect of all the
Page 56 and 57: transferred to a taxable activity a
Page 58 and 59: Eg. If A is an ice-cream vendor who
Page 60 and 61: (3) In the above case if the regist
Page 62 and 63: • claim (deduct) only the allowab
Page 64 and 65: • “Value of Supply” has to be
Page 66 and 67: VAT chargeable = 900,000 x 20% = 18
Page 68 and 69: • The Director General of Customs
Page 70 and 71: 10.5.6 Milk - item (iv) • Liquid
Page 72 and 73: (i) Insurance - xi(i) • Only the
Page 74 and 75: in Sri Lanka and consumed in Sri La
Page 76 and 77: Chapter - 11 Refunds 11.1 Unlike in
Page 78 and 79: 11.7 Set off of refunds against fut
Page 80 and 81: • To make an additional assessmen
Page 82 and 83: a genuine taxpayer who does not wis
Page 84 and 85: Penalties Tax payers should comply
Page 86 and 87: 15.3 Keeping of records regarding e
Page 90 and 91: the trading house or the other pers
Page 92 and 93: 16.4 Concessions available to Expor
Page 94 and 95: v. Importation of services are not
Page 96 and 97: Chapter - 17 Hire Purchase Transact
Page 98 and 99: (a) Under the existing provisions V
Page 100 and 101: y the hire-purchase company to the
Page 102 and 103: Chapter - 18 Leasing & VAT 18.1 Lea
Page 104 and 105: installments. Any VAT not recovered
Page 106 and 107: 18.13 Leasing inputs • Leasing in
Page 108 and 109: 18.15 Leasing Advance Sometimes it
Page 110 and 111: Thus output tax of B on the termina
Page 112 and 113: Chapter - 19 Mortgages 19.1 Mortgag
Page 114 and 115: • Services provided by internatio
Page 116 and 117: Chapter - 21 Some Obligations Under
Page 118 and 119: However an adjusted figure must be
Page 120 and 121: Chapter 23 Construction Contracts 2
Page 122 and 123: Government agencies mentioned above
Page 124 and 125: Chapter - 24 Rulings 24.1 Following
Page 126 and 127: • None of the companies covered b
Page 128 and 129: which he has supplied to the garage
Page 130 and 131: instructions can be exempted if suc
Page 132 and 133: ii. iii. any other registration tha
Page 134 and 135: i. Membership fees and or subscript
Page 136 and 137: Chapter - 25 Zero Rated Supplies 25
Page 138 and 139:
(ii) (iii) (iv) Services directly c
Page 140 and 141:
Supply of facilities for crew chang
Page 142 and 143:
4. Yard to Port Transporting contai
Page 144 and 145:
Chapter - 26 Travel Trade, Tourism
Page 146 and 147:
ii. iii. But “travel insurance“
Page 148 and 149:
26.6 VAT ON MICE Tourism VAT rate a
Page 150 and 151:
x. Supply of goods & vehicles free
Page 152 and 153:
and for VAT purposes the two compon
Page 154 and 155:
(i.e the lottery organizer) on whic
Page 156 and 157:
The VAT charged on above should be
Page 158 and 159:
1.2.3 Other imported materials exce
Page 160 and 161:
The sub-contract awarder should pay
Page 162 and 163:
2.3.1 Imported goods (except fabric
Page 164 and 165:
5.2.2 To BOI garment manufacturing
Page 166 and 167:
Annexure - 2 First Schedule to the
Page 168 and 169:
4. Supply of any services to any Di
Page 170 and 171:
Services 1. Electricity more than 3
Page 172 and 173:
Sale before 01.08.2002 - GST Regime
Page 174 and 175:
GST = (CIF + CD + Surcharge + Ex.Sp
Page 176 and 177:
to indicate the date of payment of
Page 178 and 179:
The period within which the Board o
Page 180 and 181:
Mrs. S.N.P. Abrew - Senior Assessor
Page 182:
182
show all

VAT Guide to Value Added Tax - sri lanka inland revenue ...

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?