Sunday, 24 October, 2021

Price, VAT need to be shown separately

  • Staff Correspondent
  • 12 October, 2021 12:00 AM
  • Print news
Price, VAT need to be shown separately

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Product price and VAT have to be displayed separately in the label, said National Board of Revenue.

The revenue authority said if price and VAT are not shown separately, VAT cannot be claimed from the consumers.

The outlets will also keep machines like electronic fiscal device (EFD) for records and memo print-out with the mention of VAT and prices, said an NBR directive.

The directive signed by Kazi Farid Uddin, first secretary (VAT policy) of the NBR on October 4.

The directive was also confirmed by the NBR officials while talking to the journalists on Monday.

According to the directive, from now on, there should be a system of printing invoices like EFD and no so-called settlement or draft invoice can be issued.

The order further said the matter will be added to clause (ga) of paragraph 2 of the order issued on June 23, 2019.

 It instructed that all the price details with quantity of goods or services supplied should be displayed in Bangladeshi taka.

Price details include unit price (including VAT and supplementary duty in case of applicable VAT), total price (including VAT and supplementary duty in case of applicable VAT) and VAT and supplementary duty. The NBR order states that the price of the product, the amount of VAT and the supplementary duty should be written separately if applicable.  For example, restaurants or fast food outlets have a list of foods displayed on the table. In addition to writing the prices on the food list, the word “plus” is also used to mention VAT of any.

The prices of foods and VAT should be written in the list earlier, not while making bills so the customers understand the total amount they have to pay before ordering foods or services.

There is a 10 percent VAT on foods in AC restaurants or fast food shops and 7.5 percent VAT on foods sold at non-AC restaurants.