Incidence of Tax :
- Supply of Goods or services within Nepal
- Import of Goods or services into Nepal
- Export of Goods or services outside Nepal
Exemptions :
- Goods and services in Schedule 1
- Sale of business by a registered person to another registered person or transfer to legal heir in the event of death.
Time of Supply :
| Supply of Goods | Date of Issue of Invoice or receipt of goods or payment, whichever is earlier |
| Supply of Services | Date of Issue of Invoice or rendering of services or payment, whichever is earlier |
| Telecommunication service or other similar type of service to be supplied continuously | Date of invoice |
| Payment for goods or services to be made in installments | The date in which payment is made or required to be made as per contract |
| Goods and services used without getting tax deduction facility under this act (used goods) | Time in which goods or services are used |
| Import of Services (RC) | Time of payment or service, whichever is earlier |
Place of Supply :
| Transfer of Movable goods | Place where such goods are sold or transferred |
| Transfer of Immovable Goods | Place where such goods are located |
| Import of Goods | Custom point from where goods are imported |
| Producer or seller supplies the goods to himself/herself | Place where the producer or seller of such goods is situated. |
| Place of Supply of Services | Place where the benefit of that service is received |
Rate : 0% for goods and services in schedule 2. 13% for other
Reverse Charge of Vat:
1. Import of Service - Recipient shall pay tax ( whether registered or not)
- Person from foreign Country shall supply Taxable service to the person in Nepal
- Supply shall be to registered or unregistered person.
- Time of supply shall be date of payment or receipt of service whichever is earlier.
2.
Registration :
1. Compulsory Registration - Following business in metropolitan and
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Published By
Aadesh Kandel
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