We are an residential school organisation. We purchase materials for students like uniforms, books etc. alsong with edible items for our mess. We are charged VAT for on most of these items. We also charge VAT while issuing the above materials like uniforms, books etc to students. My query is : 1. We have not paid VAT regularly monthly wise. In the month of Sept. 2009 we have paid VAT for the month of May, June, July, August 2009. We have paid VAT for March 2009 in the Month of April 2009. What consequences may occur in near future ? 2. We have not filed any return till date for the year 2008-2009. Nor have adjusted any credit against VAT payment. Kindly advice wether we can adjust the VAT recoverable for the whole year i.e. 01.04.2008 to 31.03.2009 against payment of VAT for the month of March 2009? 3. What is the last date of VAT payment for March 2009 and filing of return thereon ? 4. Penalcharges may be levied on us for the above. What is the penal charges which shall be levied on us and how are we going to pay the same?
10 March 2009
1. penalty for late filing of return is minimim 100/- per day & maximun 10000 under dvat act & 10000 under cst act
2. interest on late payment is 15% per annum calculated on daily basis.
3. tax payable=output tax-input tax
4. if your turnover is below 5crores i.e. tax period is not monthly then you have to pay tax before 25th of end of quarter so interest calculated on this basis.
5. you may adjust interest & penalty against your input credit.
for details please send monthly chart of sales , purchase, tax, in excel format to khatrimithun@gmail.com
dont panic there is nothing which cant be sorted out
CAclubindia
