HOW TO FILE VAT RETURNS ON ITAX- KRA. VAT FILING ON ITAX. KRA VAT RETURNS.

HOW TO FILE VAT RETURNS KENYA-KRA ITAX
Any person supplying or who expects to supply taxable goods and taxable services value of which is Kshs. 5 Million or more in a year qualifies to register for VAT.

Everybody realizes that VAT reporting and instalments ought to be made prior to the twentieth of every month. A great deal of us have been utilising the old Taxpayer

This is a post on the best way to utilize iTax.

Month to month Z report from your ETR machine – for yield VAT/deals

Cost sheet for the month (with VATABLE things) – for information VAT/buys

Where any TAX stays unpaid after the date on which it ends up plainly payable, an Interest equivalent to two percent for every month or part thereof of the unpaid sum might forward with is expected and payable.

Procedure

Step 1:

Download the VAT excel sheet from iTax .The VAT excel sheet that you have to download is found under the "Returns" menu. You need to assume that you are doing a genuine return to get the required excel format.

In this way, go to Returns >> File Returns >> Value Added Tax (VAT) >> Download File (select one of the accessible downloadable excel file).

The accessible VAT spreadsheets are in MS Excel format and Open Document Format (for Open Office). When tried it the ODS format it doesn’t work at all.The only way is to purchase Microsoft Excel and utilize it. Likewise, for the smoothest operation, we prescribe that you do this on a Windows operating system.

Step 2:

Fill out all details required on the excel sheet downloaded and generate the output –zip file.

·         Utilising your month to month Z report and cost sheet, fill ALL the important tabs on the VAT spreadsheet. There are a few tabs and they all should be filled out effectively. Fill out the first page with details of your PIN and month of returns. When you are done, approve the spreadsheet – in the event that it has any errors, the validation will tell you else it will automatically prompt you to produce a zip file that you will upload onto Itax. Save the zip file on your machine where you can easily access it for uploading.

Step 3: Upload the zip file onto iTax.

Now, your VAT spreadsheet now saved as ZIP file is ready to upload and submission. Go to iTax then login utilizing your organisation security qualifications.

On the top menu bar, tap the "Returns" menu thing and select the choice, "File Return" on the drop down.