The National Board of Revenue (NBR) order, in this regard, has been in effect since January 1, 2022, which was passed on December 30, 2021
Courtesy
Tribune Report
Publish : 03 Jan 2022, 08:57 PMUpdate : 03 Jan 2022, 08:57 PM
From now on, Tk50 lakh or more VAT has to be paid through electronic payment (e-payment) or an automated invoice system.
The National Board of Revenue (NBR) order, in this regard, has been in effect since January 1, 2022, which was passed on December 30, 2021.
"Businesses will be able to pay VAT through e-payment or A-challan easily and without hassle," said Md Masud Sadiq, member VAT policy of the NBR, in the order.
NBR order said that, as part of the online reliance on VAT, new VAT laws and regulations have made it mandatory to pay Tk50 lakh or more VAT by e-payment or A-invoice against any single treasury invoice.
Using the e-payment or A-invoicing method, traders will be able to pay their revenue on time without any hassle and this will ensure revenue deposit in the government treasury.
The VAT department is also in the process of automating several VAT systems.
Requesting anonymity, a senior official of the NBR said: "We will gradually bring all payments of VAT under electronic systems.”
This will reduce the time for customers to pay VAT, he added.
“Time to make payments will reduce in line with the increase in process automation. This will cut the cost of doing business also,” the official further said.
Concerned traders also say that the decision is timely.
They said that they will no longer have to go to the bank to pay duty on imported and exported goods. VAT can be paid online from their house or at respective business institutions.
According to NBR sources, any amount of tax can be paid through e-payment.
From January 1, the e-payment system has been introduced in all customs houses.
E-payment must for paying VAT over 50L
From now on, Tk50 lakh or more VAT has to be paid through electronic payment (e-payment) or an automated invoice system.
The National Board of Revenue (NBR) order, in this regard, has been in effect since January 1, 2022, which was passed on December 30, 2021.
"Businesses will be able to pay VAT through e-payment or A-challan easily and without hassle," said Md Masud Sadiq, member VAT policy of the NBR, in the order.
NBR order said that, as part of the online reliance on VAT, new VAT laws and regulations have made it mandatory to pay Tk50 lakh or more VAT by e-payment or A-invoice against any single treasury invoice.
Using the e-payment or A-invoicing method, traders will be able to pay their revenue on time without any hassle and this will ensure revenue deposit in the government treasury.
The VAT department is also in the process of automating several VAT systems.
Requesting anonymity, a senior official of the NBR said: "We will gradually bring all payments of VAT under electronic systems.”
This will reduce the time for customers to pay VAT, he added.
“Time to make payments will reduce in line with the increase in process automation. This will cut the cost of doing business also,” the official further said.
Concerned traders also say that the decision is timely.
They said that they will no longer have to go to the bank to pay duty on imported and exported goods. VAT can be paid online from their house or at respective business institutions.
According to NBR sources, any amount of tax can be paid through e-payment.
From January 1, the e-payment system has been introduced in all customs houses.
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