Kathmandu, August 20
The government has made some changes to the existing provisions on VAT submission by taxpayers.
The Inland Revenue Department has said companies recording a transaction of more than Rs 10 million will have to pay VAT amount on a monthly basis while those others doing business of less than Rs 10 million can pay the VAT amount on a quarterly basis.
The Department has made policy changes on Rule 26 of the VAT Regulations, 1997, it is said.
With this, brick factories, hotels, tourism and film industries will now have to submit the VAT amount on a monthly basis from the beginning of this fiscal year.
Likewise, firms doing business for less than Rs 10 million in a year are allowed to submit the VAT amount on a quarterly basis.
