Section 40 - First return

Section 40 - Requirements for First Tax Return

Section 40 outlines the requirement for individuals or businesses who have become liable for registration under the tax laws. It specifies that any registered person who has conducted outward supplies (sales) between the time they became liable to register and the time they were officially granted registration, must report these transactions. This reporting must be done in the first tax return they file after their registration is approved. Essentially, this ensures that all sales made during this interim period are properly declared and accounted for in their initial tax documentation.