Keep in mind that Audit can be a long drawn and cumbersome process if records are not kept in accordance with the law. It is a best practice to keep the end in mind when planning the entire VAT implementation program in your company.

Digitse Records

It is essential to bring in the discipline of maintaining records as per the VAT classification so that they are easy to retrieve when demanded by authorities. A good idea may be to digitize records and store them electronically for easy retrieval. Digitised records may not be accepted and you may still have to maintain physical records however they make it easier to retrieve and present immediately.