If you are a business owner or someone who is planning to open a business and are planning to grow your business to unprecedented scale then you might be familiar or at least heard of the term Value Added Tax (VAT) registration and you might be confused if you actually need it or how important it is to register for VAT. you might be confused about the importance and how to actually register for it.
Well if that’s the case don’t worry as we’ve got you covered up. At GFCS Nepal we help businesses of any scale register for VAT. This article is a step by step guide on how to register for VAT in Nepal.
What is VAT in Nepal?
Value Added Tax(VAT)is a type of indirect tax that is added up on the products, goods and even services. The standard rate of VAT in Nepal is 13%. It is paid to the businesses which are later submitted to the government.
Conditions for VAT registration:
- Businesses must charge for VAT on their sales.
- Issue VAT invoices.
- File for VAT returns.
- Pay the VAT collected to the government.
Who needs to register for VAT?
You need to register for VAT if:
- You’re involved in import or export.
- You own a private firm.
- You want to give your participation in contracts or tenders.
- You don’t want legal issues regarding finances
If your business is growing and you want its smooth operation and do not want to face legal issues then you might want to consider registering for VAT.
GFCS Nepal can help you prepare all the required documents and assist you in every step of VAT registration and can guide you on how VAT registration is necessary.
Documents Required for VAT registration
If you’re looking forward to registering for VAT in Nepal then you will need the following documents:
For Individuals:
- PAN certificate
- Citizenship certificate
- Proofs regarding the property where the business will operate from
- Photographs
- Business registration certificate
- Map of business Location
For Companies:
- PAN and business registration certificate
- Rental proofs and agreement
- Photographs of involved individuals
GFCS Nepal can ensure all your documents are fulfilled and the process would be hassle free for you.
Step-by-step process to register for VAT in Nepal
Step 1: Prepare all the required documents and make sure they are in order.
Step 2: Visit the IRD portal login or create an account if you don’t have one and fill out the VAT registration form.
Step 3: Upload required documents that include scanned copy of PAN, citizenship and other supporting documents and submit the form.
Step 4: wait for approval and if the IRD(Inland Revenue Department) requires you’ll have to visit with original documents.
What after VAT registration?
Once you’re VAT registered you’ll need to:
- Issue VAT bills
- Keep proper accounting records
- File for VAT return
- Submit the VAT collected to the government
If you don’t file for VAT return or pay on time you might have to pay fine and penalties or even interest. That’s why it is necessary to keep proper accounting records.
How GFCS can help:
If this process of VAT registration seems a bit complicated at times this is where we come in.
At GFCS Nepal we provide assistance for the process of VAT registration with the help of experienced individuals. We aim to make the process of VAT registration smooth, easy, hassle free and simple, so that you can be relaxed and free from the burden that this process can introduce and focus on growing your business.
Here’s how we assist:
- Review your expenses and income.
- Prepare the file for the VAT return.
- Online form filling and submission on time.
- Getting your documents ready.
- Communicated with IRD.
- Represent your business during the VAT registration process.
- VAT billing and current VAT filing support.
Conclusion
The process of VAT registration is a very important process if you’re associated with earning an income in any way . You can take the service of GFCS Nepal for VAT registration. We provide easy and professional services .
At GFCS Nepal we specialize in any tax related activities and can aid in any process of VAT registration. If you need any kind of help regarding taxation or any other financial assistance and services , feel free to reach out to us and we will be glad to help you.
Contact Us:
We are here to make your time very efficient. We will provide suggestions and offer experienced professionals that will help you understand finances and make your process of VAT registration as simple and easy as possible. If you have queries or need any kind of help or consultation we are always at your service and our team is always eager to work and coordinate with you to make your work easier. For someone who needs our assistance you can contact us through
Phone: 9802360825
Email: [email protected]
Website:https://gfcsnepal.com/
Location: https://g.co/kgs/J6pufPG
You can also reach us through social media, we have our services available on facebook, Instagram and twitter. You can leave in a msg or a call and our team of experts will reach you as soon as possible. We look forward to working with you and helping you with the process of VAT registration.