Value Added Tax or VAT is a tax on the consumption or use of goods and services. A VAT of 5% is levied at the point of sale. Businesses collect and account for the tax on behalf of the government.
Every registered dealer for Value Added Tax has to be mandatorily required to file quarterly returns on or before the due date to avoid penalties and interest. In case of zero turnover also NIL returns need to be filed on a timely basis.