Are we required to pay VAT twice a month?

Question

Is there any requirement to pay VAT on fortnightly basis (ie twice a month)? or is it monthly basis (ie by 20th next month)?

Answer 1

It depends on the industry you are in. if you are in Manufacturing or Finance service industry, you have to pay VAT once a month prior to 20th. If you are in other industry you need to pay twice a month( on or before 15th and last day of each month)