VAT Registration of persons of whose taxable supply has never exceeded Rs.75 million for any taxable period ended prior to December 31, 2019, IRD has been inactivated VAT Registration with effect from January 01, 2020. In line with that SVAT registration of such persons will also be inactivated with effect from January 01, 2020.
Therefore, such inactivated RIPs are not permitted to issue SVAT Credit Vouchers on the purchases made on or after January 01, 2020. Further, such RIPs are required to surrender their unutilized credit voucher books and SVAT Registration Certificate to the Commissioner, Medium Corporate Default Collection Unit 1 & 2 of the Inland Revenue head office.
However, SVAT Credit Vouchers relevant for December 2019 to respective Registered Identified Suppliers (RIS) shall be issued and SVAT Form 04 shall be approved, on or before January 20, 2020 as required in the SVAT guideline.
