VAT Accounting Software in Bangladesh | NBR Approved | VAT Software System
Why needs VAT Accounting software?
VAT accounting software in Bangladesh, Businesses whose taxable turnover exceeds the VAT registration threshold will need to keep their records digitally, using VAT management software as per the National Board of Revenue (NBR), Bangladesh rule, functional compatible software, and create the VAT return from that VAT accounting software.
Why Extreme VAT Accounting Management Software in Bangladesh?
The VAT Accounting software in addition a new version of VAT Management software in Bangladesh, that according to the guidelines of National Board of Revenue (NBR), Bangladesh.
For instance, EXTREME VAT Accounting software is the best quality VAT Accounting management software that covers all of your VAT requirements as per the National Board of Revenue (NBR), Bangladesh rule.
However, VAT accounting software is special software for trading, non-trading, production, manufacturing, import-export and small /medium/ largest or any other types of companies wherein needs to maintain VAT payments in Bangladesh.
Business having a yearly turnover of Tk 50 million or more should get custom fitted Value Added Tax (VAT) processing software from NBR chose organizations. utilizing VAT Accounting Software Bangladesh to enrollment for VAT is mandatory.
At the point when a business registers for VAT it winds up in charge of charging VAT at the right rate on each deal receipt and move of merchandise and enterprises and furthermore keeping up exact money related accounting records of the VAT charged cap are liable to VAT reviews in Bangladesh. In the event that the business turnover has ruptured the VAT limit that business is obligated for the VAT on deals regardless of whether it has not charged the client in Bangladesh.
The VAT charged to clients is called yield charge and the VAT on buys is called info charge. At the point when a business has enlisted for VAT notwithstanding keeping up records of offers and info charge, it should likewise keep exact monetary records of buys and information charge so as to ascertain the VAT installment to be made according to NBR rules.
The measure of VAT to be paid each quarter is the contrast between the business yield charge and the buys information charge and is paid quarterly to NBR.
Explicit sorts of business exchanges are excluded from VAT, for example, protection and credits. In the event that the business just supplies excluded things, at that point the business can’t enlist for VAT to recover the information duty paid on buys.
Registering voluntarily for vat when the sales turnover is below the vat threshold is a financial planning decision that each small business should consider. There are both advantages and disadvantages to a voluntary registration and the timing of the registration may also be a feature to be taken into account.
The advantages include being able to reclaim the input tax on purchases which is otherwise lost as a financial cost to the business. However as a consequence of a voluntary vat registration that business would also have to charge value-added tax on all its sales invoices. they don’t need to use NBR listed VAT accounting software in Bangladesh
If the business in Bangladesh has mainly vat registered clients then charging value-added tax would probably not affect sales volume and has the advantage of enhanced credibility within the business community in which it operates. Charging value-added tax to non registered clients such as members of the public would increase the amount being charged and make the small business less competitive.
When a business in Bangladesh moves from being not registered to being registered changes may have to be made to the Accounting software in Bangladesh financial records being maintained. Not normally a problem, if accounting software in Chittagong is being used, provided the financial system employed can fulfill the enhanced requirements being vat registered.
The VAT accounting software in Chittagong, Bangladesh requirements of being registered for value-added tax requires the business to issue vat invoices which show the name and address of the business, the vat registration number, sales invoice date and the output tax being charged. An accounting record must be kept of all sales invoices issued in a format that permits a subsequent audit check when the customs and excise visit to conduct an audit check of the value-added tax accounting records.
In relation to purchasing invoices, the input tax may only be reclaimed on those invoices for which the business has a purchase invoice. A valid purchase invoice contains the vat number of the supplier who issued the invoice. An accounting record must be kept of all purchase invoices showing the output tax being reclaimed.
Value-added tax returns are normally required to be prepared on a quarterly basis and submitting to customs and excise before the end of the following month. If registered for the online vat returns service can be filed online. There are benefits to filing the tax return online in that many businesses may receive up to 7 days longer than normal to file the return provided the payment is being made electronically.
There are penalties for failing to submit the tax return on time and interest may be charged on the outstanding amount. When a value-added tax return is not submitted on time an assessment may be raised which has to be paid as a legal debt until such time as the return is submitted and the amount due corrected.
It is important to submit the return on time even if there is a problem paying the full amount. Failing to submit on time brings the business to the attention of the tax authority that is more likely to inspect and investigate persistent offenders.
A business can be expected to receive an inspection every three years however in the worst-case scenario of a delinquent vat registered business the customs and excise could inspect every quarter.
For your VAT accounting software, you can use EXTREME VAT accounting software in Chittagong, Bangladesh. Online VAT account management software is NBR selected VAT software company in Bangladesh. Extreme is the best VAT management software in Bangladesh.
It will make your VAT automation process very easy. Try Troyee VAT Accounting software in Bangladesh just once. You should love VAT Accounting software Bangladesh.