This form is required to filed with due diligence as it is the final statement of the year and any error made in the quarterly or monthly returns filed during the year can be corrected only in this annual statement. Assessment under Punjab VAT Act, 2005 is also being framed on the basis of VAT-20.
There is no provision under Punjab VAT Act, 2005 for filing revised return, hence once VAT-20 is being filed with the department it cannot be changed afterwards, which makes the VAT-20 all the most important form under Punjab VAT Act, 2005.
Since this form is required to be filed mannualy and efiling of it has not been started as yet, many people may not have soft copy of it after filing the same.
I am sharing herebelow the form VAT-20 under Punjab VAT Act 2005 in Excel format which will help retaining soft copy of this most important form VAT-20 to the downloaders.
For downloading the form click at the below Link:
VAT-20 (Annual Statement)
The UK also has a simplified flat rate VAT scheme with a lower VAT rate. But you can’t claim back VAT on purchases. It appears that you will effectively be paying VAT on sales outside the EU. mtdfvat.co.uk
Making Tax Digital VAT Software
Making Tax Digital is now mandatary, it will be required to maintain digital records and report quarterly to HMRC. Businesses, self-employed, landlords with turnover above the VAT threshold start updating HMRC quarterly for Income Tax
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