Progressive decision is starting a business in Dubai and it gives you a really challenging experience. Before starting your business, the cost of formation is an important point to take into consideration. Lack of knowledge, unawareness, and misleading can lead to many complications. From time to time, the UAE government changes the cost of setting up a business in Dubai and a fixed cost is unlikely. Also, setting up a business in any other country is also challenging and you should know the rules and regulations of the country. You should know the charges at the initial stage and should move forward by understanding the expenditures.
While talking about setting up a business in Dubai, one important thing to consider is the Value Added Tax system in Dubai and in India, you can see the GST. To help you in the VAT system you have VAT consultant in Dubai and many consultancies to help you in the GST system in India.
In the country's history, UAE has introduced the VAT system for the first time on January 1, 2018 and India introduced Central VAT in 2005 to impose tax on manufacturing activities. This has become an opportunity for manufacturers to claim back required compensation for the excise tax paid on goods.
VAT in India
India imposes Value Added Tax to the business with more than 5lakhs annual turnover and imposes tax at each stage of the supply chain. VAT in India is applicable for both local high scale businesses but initially, the tax was only applied to raw materials and eventually, the scope has expanded to every product. The rate of tax is not fixed and varies according to the state and type of goods.
VAT in UAE
UAE imposes Value Added Tax to the business with over DH 375,000 annual turnover and for smaller companies, UAE supports Voluntary registration. Voluntary registration is applicable for companies with a turn over less than the threshold limit.
VAT in UAE contribute highly towards improving the economy of the country and reduce their dependency over fuel resources for revenue. VAT in UAE is applicable only for selected products and services at a rate of 5 percent.
Many audit firms in UAE provide proper support in setting up a business and in VAT systems. Select the best one for proper support. UAE VAT system is more consumer-friendly than the VAT system in India.
IT is important for every business to hire an experienced VAT consultant for the business growth. And the progress depends on how efficiently you manage your audit activities. VAT consultant should deal with all the financial reports of each business you deal with. A consultant ensures that the tax is being paid and returns are filed on time and the financial records are maintained properly. Though VAT registration is a challenging process if you refuse to pay VAT, then the government takes legal action against your business or you will have to pay the penalties.
VAT consultants are also known as Tax advisors and should explain tax laws and strategies to their clients in case if required. They work for public accounting firms, financial consulting firms, law offices, etc.
KGRN Group gives experienced chartered accountants as their VAT consultants in UAE.
VAT Experts have pertinent industry explicit involvement with tax collection agreeing to global guidelines.
Hire the Best team of Professional VAT consultants in Dubai, UAE.
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