non filing of vat returns
This query is : Resolved
30 September 2007
dear sir,
my client has been registered under VAT, but he is in to exporting of services only to his parent company i.e., it is a cost plus mark up type of a company. they also have a plan to render theese services in india. they have not filed any VAT return during the year, this was realised during the audit this year.They started operations in july 2006 and w.e.f.8/12/2006 they are registered as an STPI unit. What are the steps to be follwed now. Do you advice to continue his registration or re-register later? Is the penalty class for non filing of returns i.e. RS.50/-per day is applicable to them also?and are there any way of saving some amount of it.
please reply at your earliest.my e mail id is goven below
regards,
ritesh
sriteshkumar18@yahoo.co.in
my client has been registered under VAT, but he is in to exporting of services only to his parent company i.e., it is a cost plus mark up type of a company. they also have a plan to render theese services in india. they have not filed any VAT return during the year, this was realised during the audit this year.They started operations in july 2006 and w.e.f.8/12/2006 they are registered as an STPI unit. What are the steps to be follwed now. Do you advice to continue his registration or re-register later? Is the penalty class for non filing of returns i.e. RS.50/-per day is applicable to them also?and are there any way of saving some amount of it.
please reply at your earliest.my e mail id is goven below
regards,
ritesh
sriteshkumar18@yahoo.co.in
05 April 2008
Penalty is applicable but is subject to waiver by the tax officials.
You should file an application disclosing the fact of the case to the CTO and apply to deregister from the VAT registration.
You should file an application disclosing the fact of the case to the CTO and apply to deregister from the VAT registration.
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