VAT Registration

In accordance with the Value Added Tax (Amendment) Act, No. 32 of 2023, effective January 1, 2024, previously exempted VAT items are now subject to liability. Businesses engaging with these items must apply for VAT registration upon surpassing an annual VAT liable turnover of Rs. 60 million or Rs. 15 million per quarter/month (As per the Value Added Tax (Amendment) Act,No.16 of 2024). Consequently, any businesses not on the exempt list should primarily obtain VAT registration when exceeding the specified registration thresholds.

VAT Exemption List w.e.f 01.01.2024

Below industries will be liable for taxes w.e.f 01.01.2024

Documents required for VAT Registration

• TIN Certificate​
• Certificate of Business Registration
• In case of limited liability company
  • Memorandum & Articles of association
  • List of Directors
  • Certificate of incorporation
• Copies of NIC of the proprietors/Directors of the business​
• Particulars of sales to prove the turnover & monthly Bank statements to prove cash receipts.
• Documents to prove that exports were made continuously by such exporters
• For 22(7) registration - Project Plan
  • a copy of agreement with Board of Investment(if any)
  • deed or rent/lease agreement of property
  • sources of funds to the project to be proved for non BOI projects
  • a list of intended purchases – local & imports

If you are want to register you business for the VAT purposes ,now taxadvisor is providing such services from our Tax experts.

Our Service

• Coordination with client to prepare the documents
• Coordination IRD on behalf of the taxpayer client
• VAT Registrtion 
• Guidance on VAT Registration

Rs.30,000

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