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| Corporate practice bd |
Withdrawal and refund of negative net money.
(1) If the amount of net tax payable during the tax period is negative due to exceeding the sum of tax deductible and deductible adjustment, excise tax, supplementary duty and incremental adjustment due in any tax period, then:
(A) in the case of economic activities related to construction, house construction, land development or property development: the excess amount shall be repaid indefinitely and in accordance with this section the said amount may be deducted in subsequent tax periods; And
(B) In other cases: the excess amount shall be deducted and the said amount may be deducted for the next six tax periods, after which the remaining amount shall be repaid in accordance with this section.
(2) In the case of economic activities related to construction, house construction, land development or property development, any registered person shall be required to make deductible adjustment against the excess amount drawn from the previous tax period.
(3) Where sub-section (2) does not apply, a registered person shall be required to make deductible adjustment in the following manner by deducting the excess money from the previous tax period.
(A) the amount of all excise taxes and the amount of tax payable for that period in the subsequent tax period shall be determined by taking all the adjustments other than the adjustment given under this section;
(B) If the amount assessed is positive, then:
(Ii) a deductible adjustment shall be made of the portion of the excess money drawn from the previous tax period in which the amount payable is reduced to zero; And
(Ii) the extra money must be adjusted in chronological order, first at the beginning of the first and at the end of the newest;
(C) The amount of money deducted from the previous tax period which cannot be adjusted under clause (b) shall be deducted till:
(Ii) for the duration of a tax period, all extra money is deducted; Or
(Ii) The partial or total amount of additional money drawn up for a fixed period is deducted up to six tax periods.
(4) If the tax has been levied for a period of six years without any partial or total adjustment of the excess amount, then:
(A) if the amount of excess money does not exceed Rs.
(B) In other cases, the said amount shall be refunded within 3 (three) months of receipt of the application in the prescribed conditions and manner.
(5) Where a person conducts both economic activities and other economic activities related to construction, house building or property development, the total amount of negative net money shall be deducted under the provisions of sub-section (2), unless the said person (5). Register separately for construction, housing or property development activities and economic activities.
(6) The Board may make rules by gradually reducing the number of tax periods in order to draw negative conclusions, including rules relating to the periodic inclusion of construction, housing and property development sectors among the rules applicable to other sectors.
Negative net amount refund without deduction.
(1) Notwithstanding the provisions of section 6, if the amount payable by a registered person is negative, he shall be entitled to refund it, if the Commissioner is sure that, -
(A) 50 (fifty) per cent of the turnover of the said person or more arising out of the supply of zero rate under Chapter III;
(B) the import or acquisition of 50 (fifty) per cent or more of the said person's material expenditure is used to prepare the supply with zero tax rate under Chapter III;
(C) In other cases, if the Commissioner is convinced that the nature of the economic activities of the person (in the case of economic activities to which sub-section (2) of section 8 does not apply), additional material tax rebates are regularly arising.
(2) In case of application for refund in the conditions and manner prescribed under this section, -
(A) if the amount of money is less than Rs. Or
(B) In other cases, the Commissioner shall refund the said amount within 3 (three) months from the date of application.
Application of refunded amount.
(1) No refund will be given to any person under section 6 or section 69 unless and until the applicant submits all VAT returns till the current tax period.
(2) In case of payment of refund to any person, the Commissioner shall first deduct from the refundable amount the tax liability (including interest, d- or penalty) due to that person under this Act.
(3) After the application of sub-section (2), if any money remains and its amount is less than Rs. Permission may be granted to the registered person for the purpose of being considered as adjustment.
Reimbursement of taxes paid by diplomatic and other international organizations.
(1) Within the time frame, conditions and procedure specified in this Act or the rules made thereunder, the Commissioner may refund the tax paid on the following supplies, namely: -
(A) supplies exempt from VAT for the time being in force under any Convention or similar international agreement in force in Bangladesh; Or
(B) Supplies provided for the purpose of fulfilling the official purpose of diplomatic or consular missions of foreign countries stationed in Bangladesh.
(2) The supply given to the person referred to in sub-section (1) shall be effected by giving exemption or refund without specifying zero rate.
Adjustment or refund of excess tax paid.
If a person pays tax in excess of the tax payable on a tax return, the application can be made for refund within the prescribed time, conditions and manner or a deductible adjustment may be made in the subsequent filing. .
Rules for Withdrawal and Refund of Negative Net Taxes
Refund.
(1) The registered person may apply for refund along with the Commissioner in the form “VAT-9.1”.
(2) If the application received is found to be appropriate, subject to the fulfillment of the conditions of section 80, the Commissioner shall deposit the refundable amount in the bank of the applicant or issue a cross-check in his favor.
(3) The registered person shall make deductible adjustment within 6 (six) tax periods after giving permission to accept deductible adjustment.
(4) If the registered person fails to accept the deductible adjustment within the tax period mentioned in sub-rule (3), he may apply for refund along with the Commissioner in the form “VAT-9.1”.
(5) The Commissioner shall deposit the refundable amount in the bank of the applicant within 3 (three) months of receipt of the application mentioned in sub-rule (4) or issue a cross-check in his favor.
(6) A registered person may make deductible adjustments in the filing within the period of 6 (six) tax days after payment of his excess tax.
(7) If the registered person fails to accept the deductible adjustment within the tax period specified in sub-rule (6), he shall apply to the Commissioner for refund of refund in the form “VAT-9.1” and the Commissioner shall dispose of the refund application in the manner prescribed in this rule.
53. Sub-section (5) of a registered person who conducts construction, house or building development, development of land or property and other economic activities together. According to the provisions of the negative will pull.
54. Application of refunded money.
For the purpose of sub-section (3) of section 80, the money described in that sub-section shall make deductible adjustments in accordance with the provisions of sub-sections (4) and (5) of section 7.