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| Corporate practice bd |
Dedo worked under the VAT Act. From there it was possible to get a return at the same rate or at the actual rate.
Dedo
will no longer operate under VAT law. All taxes paid under the VAT Act will be
refunded to the VAT Commissioner subject to submission of submission.
Comment:
The return process has been simplified. The taxpayer will get back from the
commissionerate under which he will do other work. Control of multiple agencies
will not be required. This will reduce bureaucratic complexity and encourage
exports.
Subject
to Difference Value Added Tax Act, 1991 Value Added Tax and Supplementary Duty
Act, 2012
Accounting
system VAT accounting system did not follow modern accounting system VAT
accounting system followed modern accounting system
Cash-Based
Accounting System Acreval Based Dual Entry Accounting System
If
a company has more than one BIN, it has to keep multiple accounts. Since a
company does not have more than one BIN, it does not have to keep multiple
accounts.
In
case of transfer of goods from one branch to another, tax had to be paid and
invoice for transfer of goods from one branch to another had to be issued. No
tax has to be paid
There
was no opportunity to create artificial supply
As
the business account did not match with the VAT account, the trader had to keep
two sets of separate accounts. A trader would keep only one set of accounts.
Now there will be no separate account
It
was not possible to reconcile VAT accounts and business accounts. It would be
possible to reconcile VAT accounts and business accounts easily.
Copies
of all VAT invoices had to be submitted to the circle once a week. No invoice
has to be submitted to the circle.
Not only sound education but his alertness and dedication too are most required
Different
types of invoices had to be issued in different situations and the same invoice
would be used for sale
Accounting Forms:
VAT-1, VAT-VAT-1A, VAT-1B, VAT-1C, VAT-2B, VAT-11, VAT-11A, VAT-11C,
VAT-12, VAT-12A, VAT-12B , VAT-16, VAT-16, VAT-16A, VAT-16, VAT-19, VAT-20
Accounting Forms: VAT-8.1, VAT-8.2, VAT-6.3, VAT-8. .4, VAT-6.5, VAT-7.8,
VAT-7.8, VAT-7.8, VAT-7.9, VAT-8.10, VAT-9.1, VAT-9.2 , VAT-9.3
Comment:
The accounting process is simple and since there is no need to keep 2 sets of
accounts, the maintenance cost of the business will be reduced and it will be
easier for the taxpayer to pay taxes.
Subject
to Difference Value Added Tax Act, 1991 Value Added Tax and Supplementary Duty
Act, 2012
Tax
payment method Advance payment method. The taxpayer has to pay a rebate or cash
and deposit it in the current account (VAT-16) and adjust it by deducting from
it at the time of sale. Arrears payment method. The taxpayer does not have to
deposit in the current account (VAT-17) by paying discount or cash and there is
no scope for adjustment by deducting from it at the time of sale.
There
is no opportunity to pay taxes online. There is an opportunity to pay taxes online.
Taxes
were required to be paid more than once in each tax period.
In
order to record all the information related to payments, rebates, treasury
deposits and balances, current account had to be maintained.
The
supply would not have been possible without the current positive credit, the
government would not have had to pay any tax at the time of supply. The
taxpayer will keep the collection from the buyer and calculate it at the end of
the tax period.
The
taxpayer's money had to be deposited in the house of the government in advance.
Turnover
tax was calculated by multiplying the annual declared turnover by 3%. The
turnover tax fixed on the basis of declared turnover was paid in different tax
terms. Turnover tax will be calculated on the basis of daily sales.
Registration will be determined on the basis of annual turnover. The turnover
tax has to be fixed at the rate of 3% on the total sales in the quarterly tax
period. On the basis of this, the submission letter has to be submitted by
depositing the money in the treasury by the 15th day of the next month.
Comment:
As the government does not have to pay VAT in advance, the pressure on its cash
flow will decrease. On the contrary, having VAT money in his account for more
than a month will have a positive effect on his cash flow.
VAT administrative structure and nature of service
Subject
to Difference Value Added Tax Act, 1991 Value Added Tax and Supplementary Duty
Act, 2012
VAT
Administrative Structure and Nature of Services Geographical Jurisdiction Based
Department Geographical Jurisdiction Based Department
Circle,
Division and Commissionerate 3 Level-Based Administration Circle, Division and
Commissionerate 3 Level-Based Administration Exists
Allocation
of work based on geographical jurisdiction. The basic functions in the circle
and divisional office were performed by division of labor based on geographical
jurisdiction. Basic work is done in the Commissionerate office
The
Commissionerate was primarily supervised and the Circles and Divisional
Departments were primarily supervised
All
the work was done in the traditional paper system, all the work was done
digitally. The VAT office does not deal with any paperwork. Even if the
taxpayer submits the application on paper, the CPC digitally uploads it to the
system and the VAT administration then works on the system.
There
was no opportunity to compare the data of any other department
I
had to go to the VAT office to get any service. There is no need to go to the
VAT office for any reason other than hearing the case. All work can be done
online. If you have any questions, please contact the Contact Center or e-mail.
Going to the VAT office is discouraged. Even if you want to know about the new
VAT, there is no need to go to the VAT department or to a privately run
training. From the portals www.nbr.gov.bd and www.nbrelearning.gov.bd you can
get the certificate by getting all the information and training.
Comment:
Corruption will decrease if the body is not seen. Being online-based, it will take
less time and cost to get any service.
VAT
is a tax paid by consumers to the Government through registered businesses for
their self-development (Hossain, M. Z., 2017: The New VAT of Bangladesh).
Value
Added Tax is a consumer-based indirect tax. If a person suffers from something
then he has to pay this tax. VAT is paid along with its value when purchasing a
product or service for consumption. The trader collects it and pays it to the
government.
What is the role of trader in VAT system?
The
consumer pays VAT at the rate applicable to its value when purchasing a product
or service. VAT is included in the price. The trader collects the VAT and
deposits it in the government treasury at the end of the month. In this case,
the trader plays the role of VAT collector.
Note
that traders buy a lot of things before selling goods or services. He pays the
value added tax at the time of purchase. He will first refund the VAT paid at
the time of purchase from the amount of VAT collected at the time of sale. The
rest he will pay to the government. For example: a hotelier sold 2 lakh rupees
in a month. He collected VAT of Rs 26,08. If he makes a taxable purchase of Rs
1 lakh 20 thousand, then he has paid VAT of Rs 15,752. This month he will pay
the government (26,06-15,752) or 10,434 rupees.
Every person in the
country is a consumer. Everyone suffers more or less. Purchases taxable goods
and services for consumption. That means all the people of the country pay VAT.
The question is, why would they pay VAT?
About 75% of the government budget comes from the revenue of the National Board of Revenue. About 56% of the revenue of the National Board of Revenue comes from import and local level VAT. And it all comes down to the price paid by the people at the time of purchase. We always say that the country is standing on its own feet today, the country is developing with the money of the people. These words mean that the country is developing with the money that people are paying as VAT at the time of purchase of goods. The Padma Bridge is being built with its own money - the money given by the people in the name of VAT.
VAT
money is used for hospitals, schools, colleges, police, army, roads and
railways. And we want to improve all these services. So the consumer pays VAT.