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Vat Act 1991 Bangladesh

In: Business and Management

Submitted By ratulraihan
Words 27950
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VALUE ADDED TAX ACT, 1991 (22 No. ACT OF 1991) [Date of assent of the Acting President and publication in the official Gazette, the 10th July, 1991/25th Ashar, 1398 (BS)] An Act to make provision for imposition of value added tax on goods and service WHEREAS it is expedient to make provision for imposition of value added tax, It is hereby enacted as follows:1. Short title and commencement.(1) This Act may be called the Value Added Tax Act, 1991 (2) In this Act,(a) sections 15, 16, 17, 18, 20, 21, 22 and 72 shall be deemed to have come into force on the 2nd June, 1991 corresponding to the 18 Jaistha, 1398 (BS); and (b) except the sections mentioned above, all other sections shall come into force on the 1st July 1991 corresponding to the 16 Ashar, 1398 (BS). 2. Definitions.In this Act, unless there is anything repugnant in the subject or context,(a) 'exempted' means goods and services exempt from payment of value added tax under this Act; (b) 'output tax' means value added tax imposed under this Act; (c) 'input' means (i) except labour, land, building, office equipment and transport, all raw materials (any gas and any material used as fuels), packaging materials, service, machinery and spare parts; (ii) in the case of trading, goods imported, purchased, acquired or otherwise procured in any way for sale, exchange or transfer in any other manner; (d) 'input tax' means value added tax paid on inputs imported by registered person or purchased by him from any other registered person; (e) 'tax period' means a period of one month or such period as the government by notification in the official Gazette, fix in this behalf;

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(f) 'taxable goods' means goods not included in the First Schedule; (g) 'taxable service' means any service not included in the Second Schedule; (h) 'Commissioner' means a Commissioner of Value Added Tax appointed under section 20; (i) 'account…...

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