Under the new UAE VAT regime, registered taxpayers need to maintain UAE VAT Purchase Register in order to calculate their Input Tax. According to Article 54 of VAT LAW: “A registered person is liable to recover input tax paid on the purchase of goods and services intended for the furtherance of business except for capital […]
Under GST regime, registered taxpayers will have to maintain GST Purchase Register in order to calculate their Input Tax Credit and hence define their tax liability. As per the GST Law, a registered person is liable for ITC on the purchase of goods and services. Any money spent on capital goods in the form of […]
Purchase Book is a subsidiary book which records the transactions of credit purchase of goods for trading purpose. Cash purchases are recorded in the Cash Book.