When it comes to VAT compliance in India, you can trust us as your partners who will keep your company 100% compliant with VAT regulations. Our team will be involved at every stage of the process followed by a post-adoption review and continuously updating you about the amendments to the laws.
VAT Compliance in India now made much simpler for you!
VAT compliance in India is vital for businesses when registering for VAT. According to the regulations of the VAT, a company needs to compulsorily register for VAT if the annual turnover of the company crosses AED 375,000.
If the Annual Turnover is between AED 187,500 – AED 375,000, it is optional for the company to be registered under UAE VAT law. Further, if it is less than AED 187,500/, the company need not register under this law. For the startups, if the VAT attracted expenses are more than AED 187,500/, (USD 50K) such companies are to be registered under the UAE VAT law.
IMC provides VAT consultancy services in India for the compliance-related queries and assist our clients in reviewing the checklist for VAT compliance in India.
IMC also provides VAT training in India for the employees to be well aware and appraised of the procedures and protocols of the accounting system required for VAT filing.
01
Ensuring whether proper books of accounts are present and updated
02
Check whether your business meets the criteria for registering for VAT collection
03
Registration for VAT
04
Collection of VAT in the invoices raised
05
Keep a record of VAT paid in Invoices of Vendors to avail credit
06
Filing VAT returns and payment of VAT to the Government
BUSINESS MODEL RESTRUCTURING
- Redesign supply models to lower the cost of obtaining materials for production and the capital goods
- Engaging in potential negotiations with vendors and suppliers
- Rearranging of Human resources structure to ensure that the staff is knowledgeable enough to deal with the trials brought by the new law
- Reorganize accounting systems and the IT systems to confirm whether there are proper compliance and competency with new requirements
All the companies or the taxable person needs to maintain books of accounts as per the provisions of the UAE VAT law. In addition to that, the tax authority also has the discretionary powers to ask for the additional documents such as annual statements, general ledger, purchase day book, invoices issued; invoices received credit notes, debit notes, VAT Ledger and other evidence of the VAT. As per the newly introduced UAE VAT law the books of accounts and records are to be maintained for five years
For Accounting services, just drop your email id and contact number.
We will get in touch with you.
