About the Service
"VAT Monthly Returns" is a service that involves the regular submission of Value Added Tax (VAT) returns on a monthly basis. VAT is a consumption tax levied on the value added to goods and services at each stage of production or distribution. Businesses that are registered for VAT are typically required to file monthly returns, wherein they report the VAT they have charged on sales (output tax) and the VAT they have paid on purchases (input tax) during the reporting period. The service assists businesses in accurately completing their VAT returns, ensuring compliance with VAT regulations, and facilitating the timely submission of returns to the tax authority. It helps businesses manage their VAT obligations efficiently and minimize the risk of penalties for non-compliance.
The VAT return must be submitted on the 20th of the following month or before that via the iTax portal. Even if you don't owe VAT but are VAT-registered, you must declare and submit the NIL return every month.
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