THE legislation relating to the deferment of Value Added Tax (VAT) collection on capital goods has undergone a sea change in the last few months, with each amendment widening the circle of industries falling under this coveted privilege. Until recently, mining, manufacturing, aviation, and agriculture were the sectors that enjoyed the privilege of deferring VAT…
VAT deferment law ropes in energy sector
VAT is a transaction-based tax, and the fiscal tax invoice is the cornerstone of compliance. It serves not only as a record of the transaction but also as proof that tax was charged and paid.