Frequently Asked Question

How to register credit sales in EFD, as I’m not collecting VAGST at the moment of credit sale?
Last Updated 4 years ago

Credit sales presume to issue goods or render services in advance, that is before settlement. The rule of supply says that VAGST is due whichever occurs first: advance payment or advance goods/service issuing. It is important to understand that TIMS is a real-time monitoring system, which doesn’t mean it is a real-time settlement system as the tax due date is not on the day of the transaction but whenever the declaration period occurs. Regulation requires a transaction to be recorded, but it also gives the option for the transaction to be canceled (refunded) if payment is not settled.

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