No need to register for VAT if turnover below Rs 1 mil - Ravi
June 23, 2016 05:03 pm
Businesses that sell products for which VAT is payable and have a daily turnover of less than Rs 33,000 or monthly turnover of Rs 1 million on those products will be exempt from Value Added Tax (VAT).
The Finance Minister Ravi Karunanayake made this comment at a press conference held in Colombo today (23).
He also said that VAT payable on a product sold which is manufactured by a VAT registered company is the same as for a similar product sold which is manufactured by a non-VAT registered company.
The VAT was increased from 11% to 15% with effect from May 02, 2016.