VAT payment can be done online | Income tax department to launch e-payment methods for VAT

December 18th, 2010| In India.

VAT payment can be done online | Income tax department to launch e-payment methods for VAT

value-added-tax VATIncome tax department has launched option to pay Value Added Tax (VAT) from businessmen through online methods. Officers have launched e-returns options and now they have launched e-payment option. From now onwards, there is no need for businessmen to go income tax office for the payment of VAT and for submission of returns every month. E-payments can be done from home, as like the e-returns are being done. Businessmen expressed their happiness towards the implementation of new method which would prevent the necessity to stand in long queues at the income tax office. New method of online payment is very much useful. Income tax department has introduced online payment option in order to prevent the difficulties faced by businessmen in paying the tax. Those who want to pay tax online, have to register their bank account number and the amount to be taken monthly. According to it, banks will pay the specified amount to the income tax department monthly. Some businessmen are showing low turnover annually, to escape from tax. Officers are trying hard to bring as many businessmen as possible under VAT, in order to put a check to such escapers.

Businessmen have the freedom to select the payment method

Income tax department has provided the opportunity to the businessmen to select the mode of payment of VAT. E-payment method has been launched only in few banks and discussions are being done with many other banks to offer this service Andhra Pradesh state wide.  When income tax department ties up with only few banks, more number of businessmen would be paying money to those banks only. So, it will be beneficial for those few banks. Rather than benefiting only few banks, income tax department wants to benefit all the banks and hence it is discussing with all the banks to implement this payment option in their accounts. Soon, this process will be completed and the online e-payment procedure can be implemented in full fledged swing. People from small towns can also opt for e-payments with their local banks.

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