VAT on Sale deposit time under VAT & SD Act 2012

 VAT on Sale Deposition Date:

All Output VAT on Sale for the Whole Months shall be deposited within the following 15^th days of Last months.

As per Sec 33 of VAT & SD Act 2012, VAT will be imposed on any Taxable Supply when following events occurred whichever is earlier:

1.       When Supply has provided.

2.       When Invoices are issued related to supply.

3.       When received full or partly payments.

4.       When supplies for Private or other use.

After Imposing VAT on Supply, VAT amounts are deposited to Govt. by using treasury Challan (For How Question) within following 15^th day of preceding months before VAT return submission (For When Question). Input Tax will be claimed in VAT return with Output VAT.

VAT Return Formulae:

1.       (Output Tax – Input Tax + Increasing Adjustments – Decreasing Adjustments)

For Example: If Supply made in 10^th Oct’21 for 1,150 including VAT 150. This VAT 150 (Output VAT) will need to be paid in Govt. within 15^th Nov’21 before the submission of Oct’21 VAT Return.