Can penalty be adjusted against itc?
This query is : Resolved
14 December 2011
Can The penalty levied u/s 56 & 60 of the Punjab Vat Act be adjusted against the excess ITC left after adjusting the output Vat & CST? Or the party has to deposit the penalty amount separately
14 December 2011
Ms Sumiti Jain,
Penalty under any Act is not adjstable with any tax due. It can be paid together,but it will be acounted seperately in your vat records....
MJK
Penalty under any Act is not adjstable with any tax due. It can be paid together,but it will be acounted seperately in your vat records....
MJK
23 December 2011
Thanx MJ Krishnamurthy for ur advice
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