What Are The Restrictions in Claiming Input VAT Adjustment Against Output VAT? (D-16)
What Are The Restrictions in Claiming Input VAT Adjustment Against Output VAT? (D-16)
What is Input VAT and input VAT rebate? Is there any time Omit for gelling the
input tax rebate? [J-19] [J-16]
What do you mean by input tax credit? What are the conditions to be fulfilled
in order to claim input tax credit? [J-17]
What are the restrictions in claiming input VAT adjustment against output
VAT? [D-16]
input tax credit. For VAT paid on import of services, treasury challan in
support of deposit of VAT has to be there.
(2) Output VAT to be paid at standard rate (15.0 per cent) -- those who pay
VAT at specific/fixed rate will not be eligible to get input tax credit;
List the persons liable to pay VAT as per Value Added Tax and Supplementary
Duty Act, 2012. [J-20]
Persons liable to pay value added tax. Every person specified below shall be liable to pay
Three Types of VAT Base: There are 3 types of VAT used around the world, each different
in the ways those taxes on investment (capital) expenditures are handled.
The most common is the consumption method, which allows business to immediately
deduct the full value of taxes paid on capital purchases.
The second the net income method, which allows gradual deduction of VAT paid on capital
purchases over a number of years, much like depreciation.
The third type, gross national product method of VAT, provides no allowance for taxes
paid on capital purchases.
Value Added Tax and Supplementary Duty Act, 2012
What are the procedures and time for payment of VAT and Supplementary
Duty? [D-18]
What is the time limit for depositing VAT deducted at source? What is the
consequence if Is not deposited within the prescribed time limit? [J-17]
Value Added Tax and Supplementary Duty Act, 2012
Specify the goods and services subject to VAT in Bangladesh as per Section-3
of the VAT Act 1991. [D-17]
Goods and services subject to VAT in Bangladesh as per Section-3 of the VAT Act
1991
(1) Value Added Tax shall be imposed and payable at the rate of 15% on the base values
mentioned in VAT Act on all goods imported into Bangladesh, except the goods listed in the
First Schedule of this Act, and on the supply of all goods not listed in the said Schedule and
on all services rendered in or imported to Bangladesh except those services specified in the
Second Schedule of this Act.
(2) Notwithstanding anything contained in sub-section (I), tax in zero rate shall be
imposed on the following goods or services, namely:
(a) any goods or services exported or deemed to have been exported from Bangladesh;
(b) food and other things supplied to any foreign going transport for consumption
outside Bangladesh in accordance with section 24 of the Customs Act, 1969 (V of 1969)
hereinafter referred to as the Customs Act:
Provided that, this sub-section shall not apply to the following goods, namely:
(i) any goods re-imported or intended to be re-imported into Bangladesh;
(ii) such goods as have been presented for export in accordance with section 131 of the
Customs Act but have not been exported within thirty days of submission of the bill of
export or within the extended time, if any, allowed by the Commissioner in this behalf.
Value Added Tax and Supplementary Duty Act, 2012
What is VAT Current Account? Can a company dispatch any goods from its
factory/ warehouse keeping credit balance in the current account? [J-19,J-16]
How do you maintain VAT current register (VAT-18) as per VAT Act and Rule-
22 of VAT Rules 1991? [D-16]
What are the books and records to be kept under the VAT Act 1991? [J-17]
Who are required to maintain records as per the VAT Act and VAT Rules? What
Books and records are required to be maintained by the following person (company)
U/S (under section) 31 and rule 22? [D-17]
(i) Manufacturer or producer
(ii) Turnover tax payer
(iii) Person responsible for deduction of VAT at source.
Value Added Tax and Supplementary Duty Act, 2012
Value Added Tax and Supplementary Duty Act, 2012