August 24, Kathmandu. Taxpayers registered for Value Added Tax (VAT) ought to submit their tax returns for the month of July to the Inland Revenue Department by August 25. However, this time the taxpayers who’ve taken permission to concern challans electronically or have been appointed by the division have complained that they haven’t been in a position to submit the main points for July, 2078 BS attributable to technical difficulties.
Taxpayers who’re unable to add the Sales Account and Purchase Account electronically and submit the VAT particulars attributable to technical causes will be capable to submit the main points inside this era.
According to the Inland Revenue Department, taxpayers who should not in a position to submit the main points inside August 25 must add the gross sales and buy transaction particulars for the month of July by September 31. The division has stated that if the fee isn’t made inside this era, the penalty shall be as prescribed.
For the taxpayers who’re dealing with drawback in importing the gross sales and buy accounts, the division has modified the account format and put the brand new format on the web site of the Inland Revenue Department. Now, the division has knowledgeable that taxpayers must obtain the brand new format account inside thirty first August and add it electronically.
Earlier whereas getting ready the excel seat the amount of the merchandise and the unit of measure have been talked about in the identical palace. The division has stated that there’s a drawback in importing the account.
What ought to we do now
Taxpayers who’ve obtained permission to concern invoices electronically must put together a gross sales account and buy account for every tax interval and add the account within the new format prescribed by the software program used. Taxpayers who should not allowed to concern invoices electronically, must obtain the excel format of latest gross sales account and buy account maintained on the web site of the division and add the identical mentioning the gross sales and buy transactions of every tax interval Will occur. The division has additionally stated that if a number of objects are purchased or bought on the similar time from the identical invoice, the main points of various objects in several palaces must be talked about so far as doable.
If it’s not doable, the division has knowledgeable that the account must be ready by mentioning ‘completely different objects’ in the identical palace. The amount of the merchandise purchased or bought must be written in figures. According to the knowledge made public by the division, the unit of measurement (place, quantity, kilo, litre, dozen) must be talked about within the second palace. The division has additionally requested to not point out amount and unit in the identical palace. The division has additionally warned that the account won’t be uploaded if amount and unit are stored in the identical palace. The complete steadiness of the account shouldn’t be talked about and the date of transaction must be talked about.
The twenty third Amendment to the Value Added Tax Regulations gives that the tax data of every tax interval of buy and sale transactions must be maintained in a purchase order and sale account licensed by the taxpayer. Taxpayers who’ve obtained permission to concern such challans electronically or to different taxpayers as specified by the division, must submit tax returns for every tax interval. While furnishing the assertion, the main points of buy and sale transactions must be submitted electronically within the format prescribed by the division.
Which taxpayer ought to submit the main points electronically?
All taxpayers who’ve obtained permission from the Inland Revenue Department to concern challans electronically ought to furnish the main points as per this process. All taxpayers who’ve declared gross sales turnover (together with taxable gross sales and exports) of Rs.
Apart from these two, different taxpayers registered for Value Added Tax will be capable to voluntarily submit their gross sales and buy accounts electronically. The particulars uploaded on this method might be printed and verified by the taxpayer himself. In this case, the taxpayer needn’t preserve a separate buy account and gross sales account.
What is the add course of?
Taxpayer ought to first open his web page by means of Taxpayer Login by visiting the Department’s web site ‘WWW.IRD.GOV.NP’ and clicking on Taxpayer Portal. Such account can then be uploaded within the specified format. The final add shouldn’t exceed 100MB, wherein case the Excel file must be cut up into a number of information.