Exempt supplies not recorded/ not reported in Vat return
Exempt supplies not recorded/ reported in VAT return continuously for 4 quarters.
Q-1. is it mandatory to record / report the exempt supplies in next quarter?
Q-2. How to record / report the exempt supplies of previous return which was not reported ?
Q-3. Is there any fine for not recordomg / reporting exempt supplies?
1. Yes it would be mandatory 2. You can report all in the upcoming return. VD would not normally be required if there is no implication of the input claimed 3. If you have exempt supplies then you need to apportion the input claim on general expenses as per the procedure given in the Law. If you have claimed excess input then FTA can penalise you. Further, in the event of an audit FTA can import penalty for incorrect returns submitted0 Like