penalty for late payment of vat


FM writes to state to reduce burden of VAT on petroleum products

Finance Minister Sh Arun Jaitley writes to State Chief Ministers to reduce burden of Value Added Tax on Petroleum Products used for manufacturing The Union Minister of Finance Defence and Corporate Affairs Shri Arun Jaitley has written to State Chief Ministers urging the States to reduce burden of V

Last date for GST payment and GSTR3B return extended by 5 days

LAST DATE FOR PAYMENT OF GST AND FILING OF RETURN FOR JULY 2017 EXTENDED BY 5 DAYS The last date for payment of taxes and filing of GST Return in Form 3B for the month of July is 20th of August 2017 Since it is the first Return to be filed under GST the tax payers and the tax practitioners have requ

Post GST reduction of incidence of Tax on Coal Consumers

In pre GST regime there was Excise Duty on Coal 6 Stowing Excise Duty Rs 10 per tonne of coal production VAT 5 on intra state sale Central Sales Tax 2 on inter state sale on submission of Form C Post implementation of GST all the above mentioned taxes and levies have been subsumed and GST 5 is being

GST Offline Tool to collate and upload the invoices

Returns Offline Tool Version V1 0 Download extract and run the GST Offline Tool to collate and upload the invoices and other data in offline mode Downloadgst offline tool zip will contain following four files Sample files Offline Tool User Manual Readme GST Offline Tool 1 Read the file Readme txt be

Postponement of Test Paper Scheme for Eligibility to Appear for Final Examination

The students of Final Course may please note that the Eligibility Test Paper Scheme which was to be implemented for the Final Course students from November 2017 attempt stands postponed to a later date In other words Final Course students will not be required to take any tests exams for being eligib

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Experts Opinions

Advance payment as per gst

Dear Sir Mam I want advance payment voucher Format as per GST Rules please provide on priority basis Regards Rakesh

vat return revised

I have made old tin no for our party in annex 15 in tnvat return for may June 17 return My querry is to revise all return or otherwise anerx 155 only please help me

Claim of ITC paid under VAT

We are a trader under VAT and have input credit carried forward of Rs 16254 as on 30 06 17 VAT return Can i claim this input credit under GST

Gstr 3b late filing

If I have deposited tax amount before due date but not filed Gstr 3b within due date will the tax component attract interest for late filing

wrong payment of GST

instead of adding cash to SGST ledger i made a payment under CESS ledger what can be done for this


gst payment issue

Plz any one help me we have paid through rtgs with generated challan bank is generated utr no the utr no is linked but not reflect in cash ledger what should i do

GST on lift and elevator installation

Hi I need clarification on whether we can opt for works contract if client is supplying material and into execution of contract

Belated gst registration

A medicine store within a hospital was not liable to pay VAT earlier and had no registration They applied for GST and received GSTIN on 25th July They did not collect GST either for the period 1 25 July However in this period they purchased medicines and suppplier billed GST but supplier did not men

Is ITC available if payment is made after 180 days to supplier.

I read that ITC can t be availed if payment is made after 180 days to supplier but i think that when the supply is made the buyer take ITC in that month it s totally confusion for me pls explain



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  • Updated Details Collection Excel for GST Return GSTR-3B

    As everybody is aware the GST Returns for every month needs to be filed by 20th of subsequent month As the regular outward and inward annexures and return GSTR 3 are not yet made available for the months of July and August 2017 a summary return in Form GSTR 3B needs to be filed before 20th of next month An excel sheet for obtaining the details required to fill the GSTR 3B is prepared as the GSTR 3B needs to be prepared and submitted online only as offline utility is not provided yet Basic features of the excel sheet are as follows 1 The details need to be entered in the yellow colored cells only 2 If any incorrect information is entered in the cell the contents of the cells appears in red color Please correct the same to get proper working 3 While entering the details of outward supplies and inward supplies in Table 3 1 select the proper nature of supplies from the drop down wherever it is provided 4 The Integrated Tax Central Tax and State UT Tax is calculated automatically depending on the figures entered under Inter State or Intra State columns and the Rate selected from drop down 5 Cess needs to be entered manually 6 Table 3 2 contains details of state wise inter state supplies to unregistered dealers composition dealers and UIN holders Select the Nature of inter state supplies and state from drop down 7 In Table 3 2 Total taxable value and integrated tax should be less than the taxable inter state supplies and integrated tax shown in Table 3 1 above 8 Details of ITC available ITC reversed and Ineligible ITC needs to be given in Table 4 The description mentioned in yellow cells is given for reference only and can be changed as appropriate in respective case 9 Tax payable in Table 6 1 is auto calculated and arrived by adding the tax payable as per Table 3 1 and deducting the net ITC available and adding ineligible ITC as shown in Table 4 10 The Tax payable figures in Table 6 1 appears in red color if there is net tax payable after adjusting payment through ITC TDS TCS and payment in cash 11 Similarly The Tax payable figures in Table 6 1 appears in red color if interest and late fee payable is greater than the tax paid in cash as the same needs to be paid by cash and can not be paid through ITC 12 The TDS and TCS credit is not applicable at present as the said provisions are not made applicable presently till further instructions
  • Returns, Payments, interest/penalty under GST regime

    Returns Payments interest penalty under GST regime

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GST Payment Due Dates and Interest on Late Payment

GST Payment Due Date Due date for payment of GST is 20 days from the end of the month For persons registered under composition scheme the due date will be 18 days after the end of the quarter Rules and Regulations regarding GST payment Electronic Cash Ledger The payment made towards tax interest pen

Stock in hand under GST - Treatment of Cenvat Credit and VAT Credit

Stock in hand under GST Transitional Provisions related to Stock in hand under GST While understanding the transitional provisions under GST a repeated and imminent query which we are faced with is the treatment of CENVAT and VAT Credit in respect of stock held on 30th June 2017 which will be sold p

How to activate your deactivated PAN

Procedure to Reactivate Your PAN 1 Once PAN is de activated by department income tax e filing login of assessee also gets blocked 2 To Activate your PAN again do following a Write an Application to your AO in duplicate for activation of your PAN Following documents need to be attached to application

Post GST implementation and transition related issues

Difficulty in obtaining PAN by local bodies Section 25 5 of CGST Act 2017 provides that every person shall have a Permanent Account Number issued under the Income tax Act 1961 to be eligible for grant of registration Local bodies had been formed through Government order and for application of pan co

Innovation in Finance and Audit

Introduction Technology innovation is at the peak around the world and finance audit professionals are finding it difficult to keep pace with these technologies Organizations are implementing the modernization process to manage the huge amount of data theyreceive on day to day basis Data which is ge

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Updated on : 8/21/2017 12:26:51 PM


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