VAT management is challenging for retail, especially when preparing Mushaks for every transaction. Similarly, VAT calculation is another challenge you must be facing throughout your retail operation. And we understand your pain. But don’t panic because it won’t take you anywhere. Instead, you should act smart and smarten up your retail operation. To the point, you must digitize your VAT management with automated Mushak generation and VAT calculation software.
For efficient retail management, most retails have always looked for something that would ease their struggles. Meanwhile, technology was the only thing that has been saving retails with cutting-edge solutions. Today there are many retail management software helping people expand their businesses. And VAT management software is one of them. It comes with several benefits, but before that, let’s learn a few of the other things.
What is Mushak?
Mushak is not a new thing for you if you are a retailer. Yet let’s make it clearer for you. Mushak is a VAT Chalan required by the National Board of Revenue (NBR) in Bangladesh. Moreover, this VAT Chalan is mandatory for all registered retailers. You need to prepare Mushak on every item your store sells from your store. More importantly, it is a document you need to submit to the government of Bangladesh.
In other words, it is a type of form that you fill up when your store sells any item to a customer. Additionally, the particular form describes the item, including a certain amount of Value-added Tax depending on the NBR’s VAT regulation. You should also know that Mushaks are not only for selling items; they also serve many other purposes. And automation of Mushak generation can help you ease your retail operation.
Here is a list of available Mushak types:
Mushak-1 : Value Declaration
Mushak-1ka : Input-output Coefficient Mushak-1kha : Value Declaration for the trader
Mushak-1ga : Value Declaration for Export
Mushak-1gha : Value Declaration for MRP Products
Mushak-2kha : Yearly Turnover Declaration
Mushak-4 : Turnover Tax Return
Mushak-5 : Seizure Receipt
Mushak-5ka : Personal Bond
Mushak-6 : Application form for BIN
Mushak-7 : Declaration form for Machinery
Mushak-8 : Mushak Registration
Mushak-9 : Application form for Location Change
Mushak-10 : Application form for BIN Cancellation
Mushak-11 : VAT Invoice
Mushak-11ka : Cash Memo
Mushak-11kha : VAT Invoice Verification
Mushak-11ga : VAT Invoice for Contract Manufacturer
Mushak-11gha : VAT Invoice for certain services
Mushak-12 : Credit Note
Mushak-12ka : Debit Note
Mushak-12kha : Certificate for VDS
Mushak-15 : Declaration form for Raw Material Stock
Mushak-16 : Purchase Account Book
Mushak-17 : Sales Account Book
Mushak-17ka : Purchase & Sales Register
Mushak-18 : Account Current
Mushak-19 : VAT Return
Mushak-20 : Removal of Goods for Export
Mushak-21 : Enlistment as an established exporter
Mushak-22 : Application for Drawback
Mushak-23 : Application for Flat Rate for Drawback
Mushak-24 : Application for Invoice based Drawback
Mushak-25 : Application for Drawback for postal export
Mushak-26 : Application for Disposal of unused raw materials
Muhak-27 : Application for Disposal of destroyed finish products
Mushak-28 : Notice for debt Collection
Mushak-29 : Warrant for Bank Account Freeze
Mushak-30 : Warrant for Bank Account
TR-6 : Tresurery Challan
How Important is VAT Calculation?
Now that we know what Mushaks are and their particular purpose, it is time to know why VAT calculation is essential.
VAT calculation is an integral part of VAT management. But it becomes complicated for big retails to track all those transactions. If you are a retailer, you would understand the struggle more than we do.
On the other hand, flawless VAT calculation is more than necessary. A small mistake can cause a big problem, especially when submitting your VAT returns to NBR. Therefore, your VAT calculation must be transparent. Moreover, accurate VAT accountancy can also benefit your store in many ways. In particular, it helps you know your company’s financial health.
So, don’t you think you should rely on VAT calculation software?
Benefits of Mushak Generation and VAT Calculation Software
Mushak generation and VAT calculation software have several advantages. In particular, it automates your entire VAT management process and makes your retail operation effortless. Besides, implementing VAT management software means you have an errorless sales process and several other benefits.
Automates Mushak Generation
Let’s get back to the old days when retailers had to prepare Mushaks manually. It has been a painful time for retails for sure. Though many retail stores are still preparing Mushaks manually, they are not many. Retails mostly sell items in a small amount. But it doesn’t matter how small the transactions are; you need to prepare a Mushak. Doesn’t it feel painful? We understand; it does feel painful.
If you have VAT management software, it becomes the easiest job in the world. How does that feel? Yes, it feels good! VAT software can automate Mushak generation. You need to use the barcode reader, and the software does its work. It will prepare the Mushak, print it, and finally, it will stores the information in the central database automatically.
Flawless VAT calculation
VAT calculation is very critical. Yet, you don’t want any error in your VAT accountancy. Remember, VAT is always connected to NBR, which is very serious about your company’s sales, revenue, and progress. It is serious because your revenue and better sales mean a higher VAT return for the government. Therefore, they look into the details of your sale closely. Any mistake can cause you a big amount. And you don’t want that to happen for sure.
Nevertheless, calculators are boring! Yes, it is. Who wants to use the calculator these days? But the error-free calculation is important. So, wouldn’t it be amazing if your software does the calculation without making any errors? It definitely sounds good.
A VAT management software can make it happen for you. Like Mushak generation, it automates your VAT calculation on every purchase. It is just a matter of barcode scanning!
Automates VAT Return Submission
VAT return submission is another most critical work that retails does quite often. And every submission requires special attention so that there is no error. Although it is tough to prepare the return submission report manually, yet it is not impossible. But what if your software can do that for you within a few clicks. It sounds cool.
Along with Mushak generation and VAT calculation, VAT management software can also submit VAT returns on time automatically. So, this is a benefit that you must avail by implementing a Mushak generation and VAT calculation software for your retails.
In short, Mushak generation and VAT calculation software make your retail effortless. The automation benefits you with auto Mushak generation, VAT calculation and VAT return submission to NBR.
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