Int & penalty query on late submission of monthly return
This query is : Resolved
21 May 2013
Sir,
I have to pay monthly VAT on 20th of every month, but due to some unavoidable reasons I could not be able to pay tax in time. Only 1 day delayed for the payment. But VAT people asking to pay penalty @ 5% on tax amount + Rs.50/- per day from due date + interest @ 1.5% per month from due date till payment. Kindly suggest me. This case is related to Karnataka State
I have to pay monthly VAT on 20th of every month, but due to some unavoidable reasons I could not be able to pay tax in time. Only 1 day delayed for the payment. But VAT people asking to pay penalty @ 5% on tax amount + Rs.50/- per day from due date + interest @ 1.5% per month from due date till payment. Kindly suggest me. This case is related to Karnataka State
CMA Ramesh Krishnan
(Expert)
03 July 2013
Yes. according to KVAT applicable penalty. request the LVO for waive off penalty and pay the interest & Rs.50 return penalty only
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