Form A1 For Import Payment In Word Format Free Download
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A supply of goods and/or services by an individual is exempt from GST but subject to VAT. When a service provider conducts export business, it shall make the required VAT payment on supplying the goods and/or services or at any other time when making payments for services supplied. A service provider who supplies goods or services in respect of which VAT has been discontinued under section 3(2) or 6(2) of the VAT act shall be entitled to retain the amount of credit for input tax, if any, in respect of the supply of such goods or such services. In case of export, a service provider has to make the payment in such a manner on an invoice letter as may be prescribed. A service provider should obtain invoice letter from the purchaser or other regulated body in respect of the services supplied.
A nominal duty is paid when import duty is imposed, but not collected. This differs from the case of the tariff quota on entry of which the duty already has been collected in advance and so the duty is paid on entry under the GSTR-1 process laid down in the GST act. The entire duty is collected for fulfilment of service tax liability and taxable service items are taxable to the service provider, GST at the rate of every service provider is passed as input tax credit to the additional cost to the consumer. This credit is shown as a negative entry in accounts of the service provider. On the other hand, where GST rate is not applicable, the main tax liability i.e. service tax is paid on entry, which is shown as a positive entry in the accounts of the service provider. Accordingly, both the service providers are bound to account for the same subject of tax i.e. service tax every year. In the third party billing, the tax invoice is prepared in this manner. 7211a4ac4a