60% of VAT payers submitting returns online

At least 60% of value added tax (VAT) payers have been submitting their return files online, thanks to the National Board of Revenue (NBR) which has made the submission process easier and of an international standard.

As per the NBR, the number of online VAT return submissions has increased from 8,000 to 10,000 per month amid the Covid-19 epidemic.

In September, the number of return submissions stood at 6,146, which is about 60% of the total number of VAT payers.

The VAT administration expects that as the number of online return submissions increases, all the VAT payers will be in the process of filing returns online by the end of the current fiscal year.

Talking to The Business Standard, Project Director of the VAT Online project Kazi Mostafizur Rahman said, "The number of online return submissions in October last year was only 22,732, which stood at 68,146 in September this year, while the number was 50,300 in July this year." 

At present, the number of VAT registered companies is 2.14 lakh. However, many of these organisations have multiple registrations.

Mostafizur Rahman said, "We will cancel the registration of those organisations which have more than one registration."

According to him, about 30,000 registrations might be canceled.

He said, out of the registered organisations, one lakh of them currently submit returns, and of those, 66,000 submit them online. 

The Commissionerates in Cumilla and Jashore are ahead in the number of online return submissions. Around 90% of VAT payers of these two commissionerates are filing their returns online.