Cite.Co is a repository of information created by your industry peers and experienced seniors sharing their experience and insights.
Join Us and help by adding your inputs. Contributions From Other Members Follow Below...
Hi Seniors ! I am senthil i need details & procedure to claim vat refund for garment export unit anybody help me please with regards Senthil Tirupur
Community Prime Sponsors
FactoHR.com - Payroll Software with GPS Enabled Attendance, Travel, Performance Management, HRMS.
Talentedge.com "Interactive Anywhere Learning". Executive courses from top reputed institutes like IIM, XLRI, MICA.
Dear Sendil,
You can approach your circle officer or any leading VAT consultant in Tirupur. In case if you need the complete procedure you have to provide the full details of your transactions. If you need any assistance in obtaining refund of your amount you can contact me on my email . I am a VAT Consultant for all the 5 States of South India, KARNATAKA, KERALA, TN. AP & PUDUCHERRY. If you need to contact me you can call me also on 094482 90021 or 098863 00125. K V SRINIVASA
Dear Seniors, we are doing works contract in construction field. Our main contractor asking Form S - ( Tax liability certificate) issued by Sales tax dept. Pl. give the procedure to get the certificate.
dear S Krthik,
you need not contact any person, kindly go to your Circle of VAT CTO officer and ask for assessment process against your TIN no he will complete the process and balance job surplus if it retains you can claim or there in variance go for pay.....
VAT stands for Value Added Tax. It's a kind of sales tax on goods and services that represents the value added to the basic product between the supplier and the next buyer in the chain. That's what makes it different from an ordinary sales tax.
On an ordinary sales tax, the tax on the goods is paid once, when the item is sold. But with VAT, every time an item is sold - from the manufacturer to the wholesaler, from the wholesaler to the retailer, from the retailer to the consumer, VAT is paid and collected.
All the countries of the European Union (EU) are required to charge and collect VAT. The amount of the tax varies from one country to the next and some, but not all the VAT goes to supporting the European Commission (EC). Each country can decide what goods are "VAT-able" and which are exempt from VAT.
What Goods Are Subject to VAT?
Almost all the goods and services you buy are subject to VAT at 20%. Some things - like books and periodicals, children's clothing, food and medicines - are free of VAT. Others are rated at 5%. Check HM Revenue & Customs for a list of VAT rates.
Unfortunately, with the aim of simplifying the list, the government has geared it towards businesses buying, selling, importing and exporting goods - so it's very confusing and time wasting to ordinary consumers. If you just keep in mind that most things are taxed at 20%, you can be pleasantly surprised when they are not. And anyway, if you are leaving the EU after your trip to the UK, you can reclaim the tax you've paid.
How Do I Get a Refund?
Ah, at last we come to the heart of the matter. Getting a VAT refund when you leave the UK for a destination outside the EU is not difficult but can be time consuming. So, in practice, it's only worth doing for things you've spent a bit of money on. Here's how you do it:
1. Look for shops displaying signs for the VAT Refund Scheme. This is a voluntary scheme and shops don't have to offer it. But shops popular with overseas visitors usually do.
2. Once you've paid for your goods, shops running the scheme will provide you with a VAT 407 form or a VAT Retail Export Scheme sales invoice.
3. Fill out the form in front of the retailer and provide proof that you are eligible for the refund - usually your passport.
4. At this point the retailer will explain how your refund will be paid and what you should do once your form has been approved by customs officials.
5. Keep all your paperwork to show to customs officials when you leave. This is especially important if you are taking the goods with you but going on to another EU country before leaving the UK.
6. When you finally leave the UK or the EU for home, outside the EU, you must show all your paperwork to customs officials. When they approve the forms (usually by stamping them), you can arrange to collect your refund by the method you've agreed with the retailer.
7. If no customs officials are present, there will be a clearly marked box where you can leave your forms. Customs officials will collect them and, once approved, notify the retailer to arrange your refund.
And by the way, VAT is only reclaimable on goods you take out of the EU. The VAT charged on your hotel stay or dining out is not - even if you pack it up in a doggy bag.
Please Login To Add Reply






About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service



All rights reserved @ 2019 Cite.Co™