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FORM VAT 89 See Rule 71×g) ORDER OF RELEASE OF GOODS SEIZED UNDER SECTION 67 OF THE J&K VALUE ADDED TAX ACT, 2005 No.: To Dated:. M×s Seizure Memo No. Dated.: Whereas the goods being transported

How to fill out form vat - 89

How to fill out form VAT - 89:

1. Start by gathering all the necessary information and documents required to complete form VAT - 89. This may include your business details, VAT registration number, and any supporting documents such as sales invoices, purchase invoices, or receipts.
2. Begin filling out the form by providing your business name, address, and VAT registration number in the designated fields. Make sure to double-check the accuracy of the information provided.
3. Proceed to the section where you need to report the taxable supplies made during the reporting period. This includes any sales or services rendered that are subject to VAT. Enter the appropriate information, such as the value of the supplies made and the VAT amount charged.
4. If you have made any zero-rated or exempt supplies, ensure to report these separately in the designated sections of the form. Zero-rated supplies are those that have a 0% VAT rate, while exempt supplies are not subject to VAT at all.
5. Next, report any purchases or expenses made during the reporting period that you are eligible to claim input VAT for. This includes any VAT paid on business-related purchases or imports. Enter the relevant details, such as the supplier's name, invoice number, and VAT amount paid.
6. Calculate the total VAT due or refundable by subtracting the input VAT from the output VAT. If the result is positive, it indicates that VAT is payable. If it is negative, it signifies that you are entitled to a VAT refund.
7. Finally, review all the information you have entered in the form to ensure its accuracy and completeness. Make any necessary corrections or adjustments before submitting the form.

Who needs form VAT - 89?

1. Businesses registered for VAT: Any business with a VAT registration in the respective jurisdiction will need to fill out form VAT - 89 to report their taxable supplies, claim input VAT, and determine the net VAT payable or refundable.
2. Regular taxpayers: Those businesses that are required to file VAT returns on a regular basis, usually monthly, quarterly, or annually, will need to complete form VAT - 89 as part of their ongoing reporting obligations.
3. Entities engaged in taxable activities: Any business or entity engaged in activities that are subject to VAT, such as providing goods or services, is required to fill out form VAT - 89 to ensure compliance with tax laws and regulations.

Overall, form VAT - 89 is essential for businesses registered for VAT and engaged in taxable activities, as it enables them to accurately report their VAT liabilities and entitlements.

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