How to check “sale of diamonds and gems” conditions for VAT exemption

Although beauty is not the 4th factor essential to human beings. But believe that these women Certainly no one neglects beauty. Some people beautify themselves from the inside by eating well, exercising, and some recruit external beauty. skin care both enter beauty salons And many others choose to beautify and create elegance with various pearl jewelry. Make every beauty business flourish to this day.

And if talking about the tax payer’s duty for the business of doing businesssell diamondsNiljinda, various games, has bothValue Added Tax (VAT) and which are exempted if it is a business of importing and selling games with qualifications and compliance with the conditions prescribed by law.

So who is going to do business, trade or import games? should check that What kind of imported or traded games are exempt from VAT and what are the following conditions?

  • What kind of jewelry business?

dojewelry business Commercial registration must be done with the Business Development Department within 30 days of the start date of the business. Then apply for a taxpayer identification number. and in a case where the income from the sale of games exceeds 1.8 million baht per year, it must be filedRegistered for Value Added Tax (VAT) with the Department of Revenue or if the income is less than 1.8 million baht, but wishes to be a registered entrepreneur and/or wants to import raw materials or export gems he must also apply for VAT registration with the Department of Revenue

For gems such as gems, rubies, emeralds, topaz, garnets, opals, onyx, zircon, lapis lazuli, jade, pearls and gems with similar characteristics. including the imitation of such objects or newly made only, not yet assembled into an object or object for use in the manufacture of jewelery or miscellaneous materials and the importation or sale of platinum, platinum, silver and palladium, unassembled as the property of the VAT registrant only, exempt from value added tax.

  • A VAT exempt jewelery business

The law provides conditions for entrepreneurs whoimporting or selling unassembled games VAT is exempt if the following conditions are met:

1. It imports or sells gems, rubies, emeralds, topaz, garnets, opals, onyx, zircon, lapis lazuli, jade, pearls and gems of similar characteristics. including any imitation of the above mentioned or recreated only that they have not yet been assembled into a house or article for use in the manufacture of jewelery or any use and import or sale of platinum, platinum, silver and palladium, especially not assembled as a propertyregistered operator to be exempt from VAT

2. Registered entrepreneur qualificationsIn order to be exempt from VAT on the import or sale of goods under Clause 1 you must have the following qualifications:

– Be a member of any jewelers association or a member of the Thai Chamber of Commerce or be a member of the Thai Chamber of Commerce or a member of the Federation of Thai Industries

– Stable and reliable

– notify the Director General of the Revenue Department of the business operation in the form of the notification form for the business of importing or selling gems, platinum, platinum, silver and palladium at the district revenue office in the area in which the organization is located In the case of multiple organizations Submit to the district revenue office. in the area where the head office is located

3. VAT registrants importing such goods must:show documents or evidencefor the import to the officer when submitting a declaration for customs clearance The following items must be noted in the import declaration.

– Name and address of the VAT exempt importer

– type, type, quantity, unit weight and unit value of imported goods

In this regard, registered entrepreneurs who import games or various products as already mentioned must produce reports of goods and raw materials for imported goods. Both products are exempt from VAT. and are not exempt from VAT included in the Commodities and Raw Materials report. which must at least state the date of importation, bill number, type, type, quantity, unit weight and unit value of the imported goods in the said report.

and he must prepare an input tax report the import date, bill number, type, type, quantity, unit weight and unit value of the imported goods must be noted in the input tax report book.

4. VAT registrants who are exempt from the sale of such goods must:Sale of goods imported under Clause 3 or sale of goods purchased from a VAT registrant under Clause 2 to a VAT registrant under Clause 2. You must make a delivery note and note the following items on the delivery note.

– The name and address of the purchaser’s registered VAT exempt person

– type, type, quantity, unit weight and unit value of the goods sold

In this regard, registered entrepreneurs who sell such products Must produce reports of goods and raw materials for goods sold. Both products are exempt from VAT. and are not exempt from VAT included in the product and raw material report which must state the day, month, year of the delivery note The serial number of the book (if there is one) and the invoice number in the said report.

and he must prepare a sales tax report by the name Address of the registered VAT exempt person who is the buyer, type, kind, quantity, unit weight and unit value of the goods sold in the said sales tax report book.

5. A VAT registered individual who purchases goods under Clause 1, whether he purchases goods from a VAT registrant under Clause 2 imports goods directly under Clause 1 or purchases goods from a VAT registrant under Clause 2 who is not an importer according to item 1 directly

to the registrant who is the purchaser Prepare product and raw material reports for purchased products. Both products are exempt from VAT. and are not exempt from VAT included in the product and raw material report which must include a message stating the day, month, year of the delivery note The serial number of the book (if there is one) and the invoice number in the said report. and must prepare an input tax report The following items must be noted in the report book as follows:

– Name and address of VAT exempt person of the VAT registrant who is the seller

– type, type, quantity, unit weight and unit value of the goods purchased

6. VAT registrants exempted from importing or selling such goods mustStore invoices and goods invoices issued by the VAT registrar. Obtained from the purchase or import of VAT exempt games. for businessPost a monthly tax report on goods and raw materials. apart from other documentary evidence in the institution for a period of not less than 5 years

7. VAT registrants who are exempt from VAT on the importation or sale of such goods must:Calculate the inventory price on the last day of the accounting period. use generally accepted accounting methods And when using any method, use that method forever. unless a change is approved by the Director General of the Department of Revenue

8. In the case of registered entrepreneurs who notify the Director General of the Revenue Department under Clause 2, have imported or sold any item under Clause 1, but fail to comply with all the rules, procedures and conditions set out above Such registrants are not entitled to VAT exemption on the importation or sale of such items.

9. If there is a problem in practice the Director General of the Revenue Department will have the power to decide. and the decision of the Director General of the Department of Revenue will be considered the rules, procedures and conditions prescribed by law.

summarize

At this point, it can be inferred that VAT Registrants import or sell gems, rubies, emeralds, topaz, garnets, opals, onyx, zircon, lapis lazuli, jade, pearls and similar gems Imitations of such articles or new ones made, platinum, platinum, silver and palladium, not assembled only exempt from VAT.

but he must be a member of one of the jewellers’ associations, a member of the Thai Chamber of Commerce, a member of the Thai Chamber of Commerce or a member of the Federation of Thai Industries and must show evidence of import to the officer when presenting the declaration goods for customs clearance

including the VAT registrant who imports or sells such products must also sell products to registered persons who are qualified as required by law. and prepare a delivery invoice stating the name, address of the VAT exempt registered person, namely the buyer, specifying the type, type, quantity, unit weight and unit value of the goods sold as well as keeping the note shipment and the goods invoice for at least 5 years and calculate the inventory price on the last day of the accounting period.

However, if all the specified conditions are not met VAT registered persons are not entitled to be exempt from VAT.

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Source : Inflow Accounting
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