Segunbagicha Consultancy is most renowned consultancy for vat consultation. We provide all the information to the client about BIN Certificate (VAT Registration), VAT Return and also do return filling. In Bangladesh, VAT (Value Added Tax) registration is a requirement for businesses that meet certain criteria. Here’s a detailed overview of the VAT registration process:

1. Who Needs to Register?

Mandatory Registration:

• Businesses with Annual Turnover: If the annual turnover of a business stands at 30 Lakhs Taka or less, that business is not required to pay VAT whereas if the annual turnover of a business stands between 30 lakhs 1 Taka to 80 lakh Taka, that business is required to pay 3% Turnover Tax.
• Specific Sectors: Certain sectors and types of businesses, such as those involved in manufacturing or providing services, may need to register regardless of turnover.
• Importers and Exporters: Importers of goods into Bangladesh and exporters may also need to register.

2. Registration Process (Bin Certificate):

Step 1: Gather Required Documents

• Trade License: A copy of your business’s trade license.
• TIN Certificate: Your Tax Identification Number (TIN) certificate.
• Business Address Proof: Documents proving the business address (e.g., utility bills, lease agreement).
• Business Incorporation Documents: For companies, documents related to incorporation, such as the Memorandum and Articles of Association.
• Bank Statement: A recent bank statement of the business.

Step 2: Application Submission

• Online Portal: The VAT registration application can be submitted online through the NBR e-Gov Portal (https://nbr.gov.bd).
• Form Submission: Complete the VAT registration form (VAT-1) and submit it along with the required documents.

Step 3: Verification

• NBR Review: The National Board of Revenue (NBR) will review the application and documents.
• Inspection: In some cases, an inspection of the business premises may be conducted to verify the information provided.

Step 4: Issuance of VAT Registration Certificate

• Certificate Issuance: Upon successful verification, the NBR will issue a VAT registration certificate, and you will receive a VAT registration number.

3. Post-Registration Requirements For Bin Certificate:

VAT Invoices:

• Issuance: Registered businesses must issue VAT invoices for their sales. These invoices should include the VAT registration number and details of the VAT charged.

VAT Returns:

• Filing: VAT-registered businesses are required to file VAT returns regularly, typically on a monthly or quarterly basis. The returns include details of VAT collected and VAT paid on inputs.
• Payment: VAT collected from customers is payable to the NBR.

Record Keeping:

• Documentation: Maintain proper records of all transactions, VAT invoices, and other related documents as required by the NBR.

Compliance:

• Audits: Businesses may be subject to VAT audits to ensure compliance with VAT regulations.
• Renewals: Ensure compliance with any renewal or update requirements for VAT registration.

4. Additional Information:

• VAT Rates: The standard VAT rate is 15%, but reduced rates or exemptions may apply to certain goods and services.
• Support and Guidance: For assistance, businesses can contact the NBR or seek advice from vat professionals or vat consultant firm such as ‘Segunbagicha Consultancy’.

Ensuring proper VAT registration or Bin certificate and compliance helps in maintaining legal standing and can also benefit businesses by allowing them to reclaim VAT on purchases and expenses. Bangladesh vat and customs much more aware to submitted vat return. We do vat return in accordance with value added tax and supplementary duty act 2012. We also provide free consult to the clients. Every month we organized a seminar which is based on vat return proceeding online vat and other information for businessmen of Bangladesh.