Keeping records of value-added tax is no longer a problem in Bangladesh. Companies, having more than BDT 5cr turnover, must use VAT software from now on. Eleven companies have been selected for making VAT software among 27 applicants who have shown their interest in making this VAT management software in Bangladesh. Some of the leading software companies, including UY Systems, Dhrupadi Techno Consortium, Divine IT Ltd., Best Business Bond Ltd., Symphony Softtech, UniSoft Systems have made VAT management software. Let’s see how they are contributing to the VAT management system of Bangladesh.
1. UY System
UY system has developed a VAT accounting software for the manufacturing and trading companies. Their software is designed based on the VAT Act-2012 of the National Board of Revenue of Bangladesh. With this VAT software, processing all transactions related to the raw materials and finished goods for any manufacturing company is possible. Not only the manufacturing companies but the companies that need to maintain VAT for import and export products can also use this software. This software is user-friendly. Currently, there is no updated VAT management/accounting software in Bangladesh. UY System Ltd. is developing an automation software that meets all compliant of the National Board of Revenue of Bangladesh. So, now we can expect a complete and dedicated software for a VAT management system.
2. Divine IT Ltd.
PrismVAT is a VAT management software presented by Divine IT Ltd. With the compliant of VAT acts of NBR, this software ensures real-time data fetching features. Those who are looking for a reliable VAT management system for their company can rely on the PrismVAT easily. Along with a single company, this software can support multi programs, multi BIN, and multi companies.
3. Best Business Bond Ltd.
Troyee is a new generation VAT software in Bangladesh. For the companies whose annual turnover exceed the limit, need to record their transaction digitally. Best Business Bond Ltd. is developing a software named Troyee as per the regulation of NBR. They are developing a highly functional and compatible software for all business types. Recording and enlisting all the transactions is easier with this software. This software is suitable to use in any kind of production, trading, non-trading, and all size of business.
4. Dhrupadi Techno Consortium Ltd.
A complete and integrated VAT management system is suitable for all companies which want to reduce manual labor in recording Mushak at the end of every month. With a VAT management Software approved by the National Board of Revenue in Bangladesh, the productivity of any business can be increased, and also recording each transaction would be much more comfortable.
As per the new law, every company, which’s transactions reach the taxable limit, is obliged to present the electronic copy of the financial records to the proper authority. As the manual entry of any operation can be tempered, every company needs to use the Vat management software for recording their transactions. With the Dhrupadi VAT management software enlisting and managing all kinds of operations is now easy and straightforward.
Importance of VAT management Software
According to the previous VAT Act (1991), companies were to send the paper copies of their VAT returns which was a big hassle. However, as per the new VAT Act (2012), they can submit VAT returns monthly through a simple online form. The new system is much easier with the new VAT management software approved by NBR.
So, the VAT management system has become an integral part of any business in Bangladesh. To make the method more accessible, one should use the appropriate VAT management software for their business.