10% VAT Return Policy:
From now on, consumers will be able to get back 10% of the Value Added Tax (VAT) on their purchases. Such money is available to the consumer when purchasing a commodity taxable item or service, paying the price of such item through electronic device (e-payment). Thus, 10% of the refund will be deposited into the payee’s bank account from now on.
With the implementation of 10 percent VAT return system, consumers will now be able to get a refund of Rs. 13 for the purchase of one thousand goods and services. The government will refund 10% to the consumer again, while paying 13 percent VAT. In which 13 percent of a thousand will be Rs. 130 and 10 percent of 130 rupees is Rs. 13, which means that the consumer or the buyer will get back Rs. 13 themselves. This will reduce the value of the item. The scheme prepared by the Inland Revenue Department has been implemented from today.
The system was launched by the Inland Revenue Department by organizing a program in the capital on Tuesday. Finance Minister Dr. Yuvraj Khatiwada has inaugurated a 10 percent VAT return system.
The system, created by the department, has been started by paying the purchase of commodities at Bhatbhateni supermarket through the electricity card of Nepal Investment Bank. The Investment Bank, which is interested in providing this service, has been listed by the Revenue Department.
Through this system, buyers and sellers will be able to get back money on the items ranging from Rs. 1000 to Rs. 1,00,000. In this way, the revenue department has stated to give the invoice compulsorily to the payments done due to electric means.
