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What is invoice basis for accounting for VAT?

April 26, 2017Accounting basis invoice VAT

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What is invoice basis for accounting for VAT?

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Tax invoice is required to be issued for every taxable supply made by a registered person to another registered person. The mandatory particulars of a tax invoice are given in section 49(1) of the Federal VAT Bill, 2010. However, under section 50, a registered person may issue a sale receipt for a supply to a person not required to be registered provided the value of such supply does not exceed Rs.25,000/-.