Have you noticed that you are charged extra money every time you purchase any product or service? The government fixes this certain amount, and you must pay that. This certain amount is VAT, also called value-added tax.
But a common question arises—how do I pay VAT in Bangladesh?
Well, the simplest answer is you can pay it both online and offline. And there are several VAT software in Bangladesh currently that allows you to pay VAT online.
But you must know the right process to pay VAT, as shown in the following discussion.
How would I pay VAT in person?
As a citizen, everyone must pay the VAT that is fixed upon them. If you don’t pay it, it’ll be a criminal offence.
You must have a certificate after VAT registration. That certificate will contain where you need to make the payment. You need to fill up the MUSHAK19 and submit it to your selected VAT circle.
What do I need for VAT registration?
- NID copy
- TIN certificate
- Bank account
- You must complete the payment within the 1st to 31st month of your first month of VAT payment.
- Next month, you must visit the VAT office within the 15th.
- You must carry the previous month’s payment copy, MUSHAK 19 form, and treasury Challan form. Submit it to the VAT office
- One VAT employee will take your documents and provide you with a receipt copy.
- You must keep that receipt carefully as you will have to use it while paying your VAT next month.
How would I pay VAT online?
We know how irritating the VAT submission line can be while you are going to the VAT office. Imagine standing in line for long hours, and finally, it’s your turn to submit; the VAT employee goes on his lunch break. How distressing!! People often fall sick from standing so long.
Well, you no longer need to do this. Now, you will find an online payment feature on their website. It will let you eliminate the irritating lines and save your time
- Go to www.nbr.sblesheba.com
- Click on ‘Vat Payment’
- It will take you to a portal of Sonali bank
- Now enter your BIN number to the search bar and search. The fields will fill up automatically
- Select ‘Tax Type’ according to your VAT payment style
- Choose Tax Period, VAT amount, and select next
- Select ‘Payment’ and click on ’OK.’
- It will lead you to Sonali Bank’s getaway. Here you will find bank transfer, payment, and card payment options. You will also find mobile payment options- Bkash, Nagad, Rocket, and Tab.
- Click on the method you want to pay and then confirm.
- You will receive a verification code. As you enter it, your payment will be made.
- Now you can download the pdf copy and save it for later.
Common VAT payment software
For VAT payment, you will be introduced to a few software that makes the process smoother.
- Security and user access management
- As required by NBR, all VAT reports auto-update.
- Price declaration is established via the Bill of Material (BOM) setup (Mushak-1)
- Category-based input for material setup
- Keeps track of the amount you have to pay
- Never lets you forget to pay your VAT.
- Easily switch between VAT schemes
- Software that manages VAT and saves time
- Automatically produces VAT returns that are MTD-compatible.
- Helps you to submit VAT returns online to HMRC.
- Supports the VAT Flat Rate Plan
- Automatically establishes the flat rate percentage to qualify for the 1% reduction.
- A website-based service
- Fully compliant with VAT act and NRB approved
- An independent platform
- Both public and private cloud on-premises
You need to pay your VAT no matter what. It is your responsibility towards the government as a citizen of Bangladesh. You can now pay your VAT both in person and online. There is even some software to make it smoother.
You must pay your VAT on time, according to the amount assigned, as it is your duty towards the country. Thus, you can be a good example for others.