Click the VAT; then you can see VAT 201- VAT returns and down you can see VAT 201-new VAT return. Click the VAT 201-new tax return; you can see your details like
- TRN number
- Taxable person's name in Arabic English
- Your address,
- Then the VAT return period
- VAT Return due date
- Tax year-end tax period reference number
Then you can see the first Year VAT return form - VAT 201 and see a liability created under serial number six that is the value of the import and the tax due for it. I'll explain the details of that one later stage. You can see the output and import the first page first part will be output liability. The second part will be the input liability, the declaration, and authorized signatory details should also be provided.
So far, you have view the VAT return 201 VAT returned to form. You understood that some outputs and input and the net amount to be disclosed would be the amount of payable or refundable from the authority.
Now we are taking some examples of transactions, some sales, return a purchase, expenses, import, export all these transactions will be discussed step by step, and let us see how we have to enter that one in the VAT return.
Here are some sales there are transaction three translations are shown here
- Sales from Dubai to the customers all over you UAE that is total value is three million.
- Sales from a shop in Sharjah to all customers in the UAE 1.1 million
- Sales from Abu Dhabi shop to all customers all over the UAE that is 2 million
So let us see how the tax liability has to be accounted for these transactions see here under the VAT 201 returned.
- For standard rated supply from Abu Dhabi 2 million tax among the hundred thousand
- Standard rate supply in Dubai 3 million tax amount is 150,000 and
- Standard writers are playing charges 1.1 million tax liabilities 55 thousand.
We have to record in the VAT return form like this. Please note down even though you are supplying to all the customers all over the UAE. But the recording purpose this has to be from the shop or the office from which Emirates you salt it doesn't mean that was the customer's office located or customers' place of office is located.
The fixed establishment of your company is a big world that means if you are selling from charges office or cigar shop, it will be charged a sales under the Sharjah Emirates. If your sale is from the Dubai shop or Dubai office, your sale is from under the Dubai Emirates.
Another transaction supposes sales returned assume that during the period one hundred thousand worth of meat-eaters were returned from Dubai shop by a customer.
How to record this transaction and are they VAT returned see in the output area one my standard rate is supplied in Dubai earlier. It was three million now; I reduced 100,000 from the sales amount and the output reliability by 5,000. 5,000 is the tax amount of 400,000 of the value of the sales return.
When the sales return happens, this supplier has to make a sales return document, and that is the credit note has to be assured. This credit note will be a hundred thousand, and the tax amount for that her credit note will be five thousand exports during the period.
Two million worth of goods were exported to India on how to record this export of transactions. See, under serial number four, the value of the export is zero-rated at the zero-rated supply two million. So the VAT amount is Zero.