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Billing two types of VAT

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Created by Shankar S on 2011-01-28 03:14:22 Back to Topics

Billing two types of VAT

Hi
 
If an airline wants to bill two types of VAT example IVA and GST applicable on Gross. Do they have to get reported under multiple SFI records (34) or the airline should sum up the values and report it under a single record.
 
Shankar
Replied by Ashley H on 2011-02-15 16:42:07
Shankar,
 
Sorry for the delay in getting back to you. As for your question, the VAT breakdown record support upto 2 VAT breakdown details to be provided in a single instance. So both IVA and GST as per your example can be accomodated in one VAT breakdown record. Incase there are more than 2 VATs applicable then another instance of VAT breakdown record can be used to specify the same. IS does not madate values to be summed up and reported .
 
Please note that VAT Reporting should follow the local regulations and should be legally compliant.

Kind regards

From:
Posted: Friday, January 28, 2011 3:14 AM
Subject: Billing two types of VAT

Hi
 
If an airline wants to bill two types of VAT example IVA and GST applicable on Gross. Do they have to get reported under multiple SFI records (34) or the airline should sum up the values and report it under a single record.
 
Shankar
 
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