Companies doing transaction worth Rs 10m plus to pay VAT

The government has made some changes to the existing provisions on VAT submission by the taxpayers.

As per the new provision, the companies recording a transaction of more than Rs 10 million should pay VAT amount on a monthly basis while those others doing business of less than Rs 10 million should pay the VAT amount on every quarterly basis, the Inland Revenue Department said.

The Department has made policy changes on Rule 26 of the VAT Regulations, 2053 BS, it is said.

The brick factory, hotel, tourism and film industry now should submit the VAT amount on a monthly basis from the beginning of this fiscal year, the Department said.

Likewise, the firms doing business less than Rs 10 million in a year are allowed to submit the VAT amount on quarterly basis.

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