Interest & penalty for late payment of vat in karnataka

This query is : Resolved 

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.

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.

You need to be the querist or approved CAclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

close x
Download GST App    |    x