Interest & penalty for late payment of vat in karnataka
This query is : Resolved
Guruprasad
(Querist)
19 October 2011
Hi Dears
Can any one suggest what is the rate of interest for late payment of VAT after due date & filing the return after the date
Please also let me know if any penalty has to be paid.
Can any one suggest what is the rate of interest for late payment of VAT after due date & filing the return after the date
Please also let me know if any penalty has to be paid.
ACMA Obulirajan R
(Expert)
19 October 2011
Interest for late payment of VAT 1.25% pm
72. Penalties relating to returns.- (1) A dealer who fails to furnish a return or who
fails to pay the tax due on any return furnished as required under Section 35 shall be liable
to a 1[penalty not exceeding two hundred rupees] for each day of default in addition to a
further penalty of a sum not less than ten per cent but not exceeding fifty per cent of the
amount of tax due, together with any tax or interest due.
72. Penalties relating to returns.- (1) A dealer who fails to furnish a return or who
fails to pay the tax due on any return furnished as required under Section 35 shall be liable
to a 1[penalty not exceeding two hundred rupees] for each day of default in addition to a
further penalty of a sum not less than ten per cent but not exceeding fifty per cent of the
amount of tax due, together with any tax or interest due.
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