https://www.taxtmi.com/forum/issue?id=107962 Under the VAT framework, tax is payable on sale or when a notification specifies; mere receipt of an advance does not automatically create VAT liability unless a notification or provision treats advances as taxable. If tax is payable and not deposited within the prescribed period, interest and penalties may be imposed at assessment or under the Act and rules. en-us Fri, 06 Feb 2015 12:43:22 +0530 Thu, 23 Jan 2025 15:57:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=107962 Under the VAT framework, tax is payable on sale or when a notification specifies; mere receipt of an advance does not automatically create VAT liability unless a notification or provision treats advances as taxable. If tax is payable and not deposited within the prescribed period, interest and penalties may be imposed at assessment or under the Act and rules. Discussion-Forum VAT / Sales Tax Fri, 06 Feb 2015 12:43:22 +0530 https://www.taxtmi.com/forum/issue?id=107962