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| Corporate practice bd |
Here are some examples for the perfect application
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Example-1
Mr.
Hassan conducted economic activities in the Rajshahi division as a dealer for
British America Tobacco, Pran, Meghna, Square and Unilever. He keeps separate
accounts for the business activities of each brand. However, he conducts all
business activities through a single bank account. He also owns a few more
businesses. How and how many will be registered? Note that he has a TIN and
submits only one income tax return.
Solution:
Here Mr. Hasan can make two decisions, namely:
Decision-1:
He can take a single BIN by combining all his business activities. Although
there is a separate account for each branch, an account has to be prepared and
submitted.
Decision-2:
He can take separate branch BIN for each business unit. In this case, he will
first have to make a central registration practice after using VAT-2.1. At the
end of the central registration, he has to register the unit using VAT-2.2 for
each unit. The accounts of each institution should be kept separately and
separate submission of submissions should be made for each BIN.
Certificate of registration
After creation of BIN,
registration / enrollment certificate will be generated automatically from
computer system. Certificates made in the prescribed design will be sent to
your address so that you can display them in the place of interest. In
addition, the taxpayer can save the generated certificate on the computer, send
it by mail. The taxpayer can log in to his account and print the certificate as
many times as he wants. Hard copy will be required in designated design only
for display.
Application for
enrollment has to be made in VAT-2.1 form. Registration Application For Central
Registration VAT-2.1A and for Registration of Branch Units one has to first apply
for VAT-2.1 for Central Registration and then VAT-2.2 for each Branch Unit.
VAT-2.2 is applicable only if the branches of a company have separate accounts.
This does not apply to the usual method of accounting. VAT-2.2 is applicable in
special cases.
Completion of VAT-2.1 application form for registration
The procedure for
paying VAT-2.1 is as under:
Procedure
for filling in the sequence
1
Taxpayer Identification Number (E-TIN) Taxpayer's e-TIN must be entered.
Special
fields:
01.One company-one
TIN-one BIN procedure will be followed in case of company registration
02. In case of
proprietary organization application of more than one separate BIN with one TIN
will be accepted. In that case one unit registration has to be taken for each
business under the central registration in the name of the proprietor.
03. Natural person can take only one BIN with one TIN
04. If a natural person is
associated with more than one organization, his TINT can be used for
registration of all organizations.
The Commissioner has to be informed if any information changes
If the following
information is changed except for the place of business, the Commissioner must
be notified within 15 days of the change of information.
Business name / any trade name / name of the person
Type of business
01.The person's contact
address or any other contact information such as e-mail, mobile number, etc.
02. Changes in the
nature of economic activity
03. Change, addition,
subtraction of the bank account information of the said person
04. Addition of any new type of business or subtraction of any existing type of
business
05.Opening of new branch
or closing of old branch.
06. In any of the
information provided at the time of registration or enlistment;
07.Any other information
provided at the time of registration / enrollment
08.Any other change as determined by order of the Board.
Changing the place of business
(1) If a registered or enlisted person needs to change the place of business,
he / she must apply at least 15 days prior to such change along with the
Commissioner of the Commissionerate registered or enlisted in the form
"VAT-2.6".
(2)
At the end of the verification of the application received, if the information
given in the application is found to be appropriate, -
(A)
In case of inter-commissionerate transfer-
(I)
determine all arrears, if any, to be notified to the applicant, and
(Ii) The registered or enlisted person shall allow the transfer to the new Commissionerate where he wishes to be transferred, along with the arrears of the registered or enlisted person and all other information.
Reasons
why registration will be canceled:
01.Registration
may be canceled for the following reasons:
02.He
failed to start economic activities after registration;
03.He
stopped his economic activities;
04. Its economic activity is declared exempt; Or
05.Its annual turnover
stays below the registration limit for two consecutive years.
07.Submission
of application for cancellation of registration
08.A
registered person will apply to the Commissioner for cancellation of his VAT
registration in the form "VAT-2.4".
Cancellation of Turnover Tax Enrollment
Registration
may be canceled for the following reasons:
01.He
stopped his economic activities;
02.His
economic activity is declared exempt; Or
03. Its annual turnover stays below the enrollment limit for three consecutive terms.
04.Submission
of application for cancellation of enrollment
05.An
enlisted person will apply to the Commissioner for cancellation of his turnover
tax enrollment in the form "VAT-2.4".
Legal obligations
Maintain and publish an
accurate and up-to-date list of all persons registered or enlisted
If a person's name is
not on the published list, that person will not be considered registered
If a person's name is
on the said list, that person will be deemed to be registered under this Act
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The Board shall publish the updated list of persons registered or enlisted
under this Act on the website of the National Board of Revenue.
In
case of change of information, the changed information will be included in the
list
Use of BIN
Areas
of use of BIN:
(A)
in the case of all imports and exports except baggage imports;
(B)
in the case of registration of land or building in the name of a registered or
enlisted person;
(C)
in case of receipt of Import Registration Certificate and Export Registration
Certificate;
(D)
in the case of a supply to a cutting entity at any source;
(E)
in case of participation in any tender;
(F)
in case of enrollment in any company;
(G)
in case of approval of bond license;
(H)
in case of approval of bank loan in favor of registered or enlisted person; And
(I)
in any other case as may be prescribed by order of the Board.
The honorarium of a
registered or enlisted person will be used in the following cases, namely: -
(A)
in case of renewal of Import Registration Certificate and Export Registration
Certificate;
(B)
registration or enrollment means the supply of any supply to the cutting entity
at any source at a later time than the year;
(C)
in case of participation in any tender at a later time than the year of
registration or enrollment;
(D)
In case of enrollment in any company
Failure and Financial Penalty
Serial
No. Failure or amount of irregular fine
01.
Failure to register / enlistment within the stipulated time or irregularity
only 10 (ten) thousand rupees
02. Failure or irregularity in not showing registration / turnover tax certificate
03. Failure or failure to inform about change of information related to economic
activities within the stipulated time.
04. Failure or irregularity in not applying for cancellation of registration /
enrollment within the stipulated time
05. Failure or irregularity to qualify for enrollment after cancellation of
registration
Crimes related to registration, trial and punishment
If you create or use
VAT registration certificate or turnover tax certificate or consolidated tax
invoice and tax deduction certificate at source with fake or fake BIN, you will
be punished with imprisonment for less than 1 (one) year or fine equal to the
tax payable or both.