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?

Replies
SAJITH NAIR26/02/2020 12:12:48

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 submitted

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Khushboo Jain26/02/2020 22:56:01

yes it is mandatory to report the exempt supplies whenever error is found in the upcoming return. At the time of FTA audit, FTA can levy penalty for incorrect filing of vat returns.

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