Duties and Responsibilities of VAT Assessee
Value Added tax refers to the tax applied to value-added as per prescribed rate. In fact, it is a multi-stage indirect tax imposed on the value added at different stage starting from production to distribution process. Generally assesses means a taxpayer that is a person who is to pay tax. He is a person or group that is being assessed (judged), principally in order to fix on how much tax they must pay.
A VAT assessee needs to pay tax, maintains account and document properly. To this end his duties and responsibilities are as follows:
- To ascertain tax liability through a current account at the time of supply of goods and deposit relevant tax to the exchequer,
- To fill up and make enter in current account, purchase and sale account and transfer the relevant items in concerned books and documents periodically,
- To deposit relevant books and account to the tax authority in due time,
- To keep in safe custody all accounts and books relevant to VAT at least for six years,
- To produce relevant books and account to the tax authority,
- TO allow tax officials to enter into his business promise,
- To maintain invoice to ensure refund and rebate of tax,
- To supply an invoice to the purchaser at the time of supply of goods.