by Audit Analyst | Jan 20, 2026 | Value Added Tax
Background and Transition to GST The Goods and Services Tax (GST) came into effect from 1st July 2017, replacing VAT, CST, Service Tax, and others State VAT laws remained applicable until 30th June 2017, after which they were subsumed under GST Businesses were...
by Audit Analyst | Jan 20, 2026 | Value Added Tax
Impact on Cash Flow and Tax Outflows VAT is collected from customers and paid to the government periodically, which directly affects cash flow Businesses must ensure they deposit VAT on time, even if payments from customers are delayed If output VAT exceeds input VAT,...
by Audit Analyst | Jan 20, 2026 | Value Added Tax
Meaning of Advance Ruling in VAT Law An advance ruling is a binding decision given by a tax authority on the interpretation of VAT law before a transaction is undertaken It provides clarity and certainty to the applicant on how VAT will apply to a proposed activity or...
by Audit Analyst | Jan 20, 2026 | Value Added Tax
General Treatment of VAT Liability During Insolvency VAT liability becomes part of the overall claims against the insolvent entity The VAT department is treated as a creditor, and tax dues are included in the insolvency resolution or liquidation process Any unpaid...
by Audit Analyst | Jan 20, 2026 | Value Added Tax
VAT Registration Suspension Suspension of VAT registration is a temporary deactivation of a dealer’s TIN (Taxpayer Identification Number) It means the dealer cannot issue tax invoices, collect VAT, or claim input credit during the suspension period It is usually...
