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Penalty question

suresh (article) (146 Points)

28 May 2016

plz experts advice me, that is there is any penalty leviable in following case. suppose a pvt ltd co. forget in making of bills means after the bill no. 5 directly make bill no. 8 and forgot to make bill no. 6 and 7 i.e. missed out the series. so is there a question of penalty arise or not, please suggest me.

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P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 30 May 2016

Taxation laws (excise, service tax, VAT) require that invoices should be serially numbered. It appears invoices in the given case are being issued manually. You can make proper record to justify the mistake. As far as Company law is concerned, there will be no penalty.