In a country where 4 million workers are directly employed in the textile industry and that number is growing daily, avoiding the hassle of VAT compliance is quite challenging for ensuring comprehensive VAT returns here.
According to our nation’s most current economic data, the RMG industry contributes to 83.9% of Bangladesh’s total exports. The textile industry contributes a significant amount of tax revenue to the government annually based on this significant portion of national exports. Though it’s a technological area where everything under technology is highly automated with the latest features and functionalities, the VAT returning procedure of the textile industry also becomes easier now through VAT Management Software such as PrismVAT.
For maintaining statutory compliance, PrismVAT is a purely web-based application that is NBR-recognized and approved VAT Management Software fully compliant with the VAT Act 2012. The core benefits of implementing PrismVAT for the textile industry is “Direct data entry; Data import from another system: API integration with 3rd party” which ensures real-time data with accurate reporting from anywhere, at any time. It is now quite simple to avoid the trouble of gathering large amounts of data, submitting reports on time, and calculating VAT based on annual revenue. In addition to PrismVAT’s exceptional technological flexibility, the software’s in-house development shows the amount of commitment that makes it consistently trustworthy.
PrismVAT has already been implemented in over 60 multidimensional enterprises that generate their Mushak reports to ensure utmost transparency. “Jalal Ahmed Spinning Mills LTD” and “Shah Fatehullah Textile Mills Ltd.” are the newest members of PrismVAT. Jalal Ahmed Spinning Mills Ltd is one of the oldest and biggest yarn manufacturers in Bangladesh whereas Shah Fatehullah Textile Mills Ltd is one of the oldest textile manufacturers in Bangladesh. These two businesses have been giving the market their best service for a very long time. In order to automate their VAT return process and be in compliance with VAT, they are now using PrismVAT.
According to Divine IT Limited, one of the greatest choices for the textile industry to eliminate any potential complexity in VAT management is to implement PrismVAT. With ongoing national economic growth, implementing PrismVAT can advance the level of technological automation in the textile industry.