VAT RETURN FILING
VAT RETURN FILING
In simple terms, VAT return filing states how much VAT is to be paid or reimbursed by the tax authorities.
A VAT return is done quarterly and it helps the business to track the business VAT path.
VAT is also charged for business entities involved in the business activities with other countries. While carrying out these activities, it’s better to be VAT compliant to avoid any kind of penalty that becomes a hindrance in the way.
Who Should File VAT Return?
All registrants are required to file VAT return, irrespective to the type of VAT registration or sales, purchases, output tax, input tax, etc.
Benefits of Filing VAT Return
- VAT compliance brings along with it certain business goodwill. In fact, many large firms are often reluctant to conduct business with companies that aren’t VAT-registered
- The business image gets highlighted once registered under VAT law
- VAT is easier to manage as compared to any other indirect tax
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Thus, you can see how important it has become for business entities to implement VAT filing process and also to become VAT compliant while carrying out multi-national businesses.
VAT filing not only protects your business but gives a legal assurance and proof of your business existence and it holds an upper-hand in the arena of tax payments and avoids financial loss. Are you trying to figure out how to initiate the process? Well, we have a solution for you.
Value Added Tax
Our Taxation experts can perform VAT impact assessment and structure your business in the most tax-efficient manner with respect to the utilization/refund of input VAT and in accordance with federal tax authority’s requirements
We Help
All businesses will require in maintaining their books of accounts and will have to do audit for financial statement for tax purpose. We help you in managing all matters of VAT and taxation. We, at E & S Chartered Accountants, follow the professional approach in planning and executing the audit assignment.
Our Process
E & S Chartered Accountants has a team of tax specialists who can help your business structure in-house recording and filing processes to ensure that your company does not incur any penalties from improper compliance. We will help you identify the potential financial challenges you might face in the implementation of VAT. We can also assign you a dedicated VAT consultant to update you on the latest developments regarding the legislation.
Evaluate & Plan
Business Impact Assessment, review of key documents like existing contracts and incorporation of VAT clauses in the existing and new contracts and related documents.
Design Develop & Train
Advise, develop and assist in restructuring transactions, supply chain and other related processes, Advise and support for requisite changes in the IT systems and applications.
Implementation & Compliance
Assist in VAT registrations and the preparation and filing of VAT returns. Align compliance practices with VAT requisites.