9/2/2020 5:53:49 AM cpa club one year ago
With the latest development of the increase in VAT standard rate to 15% have created a cash flow problem for many establishments especially where the customer collection period is long. To overcome this sudden impact on cash flow establishment may utilize the GAZT facility of payment of VAT in instalments.
Who is Eligible?
Establishments having fund problem to settle the dues to GAZT, may request the instalment plan by explaining the current financial position. GAZT may ask additional information such as bank statements before finalising the plan.
How to Apply?
A registered taxpayer can request for instalment plan through GAZT portal.
Step 1: Complete the filing of VAT return and generate the invoice
Step 2: After filing VAT return in the portal, select VAT Instalment plan and create a new request
Step 3: It will show unpaid VAT invoices select the invoices and select the number of instalments, the system will automatically show expected instalments and due dates, fill the all the required details, and submit the form.
Step 4: Once the application is made the GAZT official verify the application and may request to submit additional information to prove the financial issues for applying instalment plan, or may modify the application by decreasing number of instalments, or approve the plan or reject the plan.
Step 5: Once the plan is approved the establishment need to follow the instalment schedule for paying VAT.
The instalment plan is beneficial for establishments who are settling VAT every quarter.
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