Treatment of VAT on completed transactions before 1st February 2020
Section 36 of the recently passed Finance Act, 2019 introduced an amendment to section 4 of the Value Added Tax (VAT Act). The said amendment stipulates as follows: “Section 4 is hereby amended by substituting 5 per cent with 7.5 per cent”. The implication of this amendment is that the erstwhile VAT rate of 5% […]