Frequently Asked Question

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.