QS Study

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:

  1. To ascertain tax liability through a current account at the time of supply of goods and deposit relevant tax to the exchequer,
  2. To fill up and make enter in current account, purchase and sale account and transfer the relevant items in concerned books and documents periodically,
  3. To deposit relevant books and account to the tax authority in due time,
  4. To keep in safe custody all accounts and books relevant to VAT at least for six years,
  5. To produce relevant books and account to the tax authority,
  6. TO allow tax officials to enter into his business promise,
  7. To maintain invoice to ensure refund and rebate of tax,
  8. To supply an invoice to the purchaser at the time of supply of goods.