Value Added Tax Act, 2052VAT Act
मूल्य अभिवृद्धि कर ऐन, २०५२
Also called VAT Act, 1996
The Act that levies value added tax on the supply of goods and services in Nepal and sets rules for registration, invoicing, returns, refunds and appeals.
Key provisions
Purpose: To mobilise revenue for development by making revenue collection effective through a value added tax.
Structure: Sections 1-44 (no chapters), with many lettered sections added by amendments.
Key provisions:
- Section 5: VAT is levied on supplies of goods and services.
- Section 6: place and time of supply.
- Section 7: VAT is charged at a single rate fixed by each year's Finance Act; Schedule-2 goods and services are zero-rated.
- Section 9: exemption for small vendors; Section 10: registration; Section 11: cancellation.
- Section 12: taxable value; Section 14: tax invoices; Section 14A: electronic invoices.
- Section 17: input tax deduction; Section 18: tax returns; Section 19: tax payment.
- Section 25: refunds; Section 29: punishment; Section 32: appeal to the Revenue Tribunal; Section 32A: advance ruling.
In Nepal
Banks deal with VAT on their purchases and on certain fee-based services, and borrowers' VAT returns and invoices are reviewed during credit appraisal.
वस्तु तथा सेवाको आपूर्तिमा मूल्य अभिवृद्धि कर लगाउने र दर्ता, बीजक, विवरण, फिर्ता तथा पुनरावेदनको व्यवस्था गर्ने ऐन।
मुख्य व्यवस्थाहरू
उद्देश्य: राजस्व सङ्कलन प्रभावकारी बनाई विकासका लागि स्रोत जुटाउने।
संरचना: दफा १ देखि ४४।
मुख्य व्यवस्था:
- दफा ५: वस्तु तथा सेवाको आपूर्तिमा कर।
- दफा ७: आर्थिक ऐनले तोकेको एकल दर; अनुसूची-२ का वस्तु तथा सेवामा शून्य दर।
- दफा ९: साना व्यवसायीलाई छुट; दफा १०: दर्ता।
- दफा १४: कर बीजक; दफा १४क: विद्युतीय बीजक।
- दफा १७: कर कट्टी; दफा १८: कर विवरण।
- दफा २५: कर फिर्ता; दफा ३२: राजस्व न्यायाधिकरणमा पुनरावेदन।
नेपालमा
बैङ्कले आफ्ना खरिद र केही शुल्क आधारित सेवामा भ्याट व्यवस्थापन गर्छ र कर्जा विश्लेषणमा ऋणीको कर विवरण हेर्छ।
Related
Sources
In the syllabus: ADBL Account Officer (CA/ACCA); NBL L8 CA
Updated